<SEC-DOCUMENT>0000818972-12-000005.txt : 20120530
<SEC-HEADER>0000818972-12-000005.hdr.sgml : 20120530
<ACCEPTANCE-DATETIME>20120530145551
ACCESSION NUMBER:		0000818972-12-000005
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20120331
FILED AS OF DATE:		20120530
DATE AS OF CHANGE:		20120530
EFFECTIVENESS DATE:		20120530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DREYFUS STRATEGIC MUNICIPALS INC
		CENTRAL INDEX KEY:			0000818972
		IRS NUMBER:				133426554
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05245
		FILM NUMBER:		12877174

	BUSINESS ADDRESS:	
		STREET 1:		THE DREYFUS CORPORATION
		STREET 2:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		2129228297

	MAIL ADDRESS:	
		STREET 1:		DREYFUS CORP
		STREET 2:		200 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>formncsr853.htm
<DESCRIPTION>SEMI-ANNUAL REPORT
<TEXT>

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<P style="MARGIN: 0in 0in 24pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C.&nbsp; 20549</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">FORM N-CSR</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<BR>INVESTMENT COMPANIES</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Investment Company Act file number</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus Strategic Municipals, Inc.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Exact name of Registrant as specified in charter)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">c/o The Dreyfus Corporation</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">200 Park Avenue</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">New York, New York 10166</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Address of principal executive offices) (Zip code)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Janette E. Farragher, Esq.</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">200 Park Avenue</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">New York, New York 10166</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Name and address of agent for service)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Registrant's telephone number, including area code: </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(212) 922-6000</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date of fiscal year end:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">9/30</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">3/31/12</FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

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<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">FORM N-CSR</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to Stockholders.</FONT></B></P>

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   <TD align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=6>Dreyfus Strategic</FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=6>Municipals, Inc.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>SEMIANNUAL REPORT </FONT></B><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=2>March 31, 2012</FONT></P>
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<B><FONT color="#141414" size=3 face="Bembo-Bold,Times New Roman,Times,serif">Dreyfus Strategic Municipals, Inc.</FONT></B><BR>
<BR>
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">Protecting Your Privacy</FONT></B></P>
<P style="text-align: center;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">Our Pledge to You</FONT></B></P>
<P style="text-align: left;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">THE FUND IS COMMITTED TO YOUR PRIVACY. </FONT></B><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">On this page, you will find the Fund&#146;s policies and practices for collecting, disclosing, and safeguarding &#147;nonpublic personal information,&#148; which may include financial or other customer information.These policies apply to individuals who purchase Fund shares for personal, family, or household purposes, or have done so in the past. This notification replaces all previous statements of the Fund&#146;s consumer privacy policy, and may be amended at any time. We&#146;ll keep you informed of changes as required by law.</FONT></P>
<P style="text-align: left;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT. </FONT></B><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">The Fund maintains physical, electronic and procedural safeguards that comply with federal regulations to guard nonpublic personal information. The Fund&#146;s agents and service providers have limited access to customer information based on their role in servicing your account.</FONT></P>
<P style="text-align: left;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">THE FUND COLLECTS INFORMATION IN ORDER TO SERVICE AND ADMINISTER YOUR ACCOUNT.</FONT></B></P>
<P style="text-align: left;">
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">The Fund collects a variety of nonpublic personal information, which may include:</FONT></P>
<UL>
<LI>
<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Information we receive from you, such as your name, address, and</FONT> <FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">social security number.</FONT></P></LI>
<LI>
<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Information about your transactions with us, such as the purchase</FONT> <FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">or sale of Fund shares.</FONT></P></LI>
<LI>
<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Information we receive from agents and service providers, such</FONT> <FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">as proxy voting information.</FONT></P></LI>
</UL>
<P style="text-align: left;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">THE FUND DOES NOT SHARE NONPUBLIC PERSONAL INFORMATION WITH ANYONE, EXCEPT AS PERMITTED BY LAW.</FONT></B></P>
<P style="text-align: left;">
<B><I><FONT color="#141414" size=2 face="Bembo-BoldItalic,Times New Roman,Times,serif">Thank you for this opportunity to serve you.</FONT></I></B></P>
<P style="text-align: left;">
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.</FONT></P>
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<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Not FDIC-Insured &#149; Not Bank-Guaranteed &#149; May Lose Value</FONT>&nbsp;</TD>
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<P align="justify"><FONT color="#141414" size=7 face="Interstate-Light,Arial,Helvetica,sans-serif">Contents</FONT></P>
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<P align="justify"><FONT color="#141414" size=3 face="Interstate-Light,Arial,Helvetica,sans-serif">THE FUND</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">2</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">A Letter from the Chairman and CEO</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">3</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Discussion of Fund Performance</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">6</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Investments</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">25</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Assets and Liabilities</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">26</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Operations</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">27</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Cash Flows</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">28</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Changes in Net Assets</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">29</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Financial Highlights</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">31</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Notes to Financial Statements</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">41</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Information About the Renewal of the Fund&#146;s Management Agreement</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">49</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Officers and Directors</FONT></P>
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<P align="justify"><FONT color="#141414" size=3 face="Interstate-Light,Arial,Helvetica,sans-serif">FOR MORE INFORMATION</FONT></P>
	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Back Cover</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Dreyfus</FONT><BR><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Strategic Municipals, Inc.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=7>The Fund</FONT></P>
<IMG src="smncsrx4x1.jpg" border=0> <BR>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>A LETTER FROM THE CHAIRMAN AND CEO</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dear Shareholder:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>This semiannual report for Dreyfus Strategic Municipals, Inc. covers the six-month period from October 1, 2011, through March 31, 2012. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Municipal bonds continued to benefit from positive supply-and-demand factors during the last six-month period, which enabled them to avoid some of the volatility affecting their taxable fixed-income counterparts as economic sentiment changed. The supply of newly issued tax-exempt bonds remained muted when issuers responded to political pressure by reducing spending and borrowing, while demand remained robust from individual and institutional investors seeking high current after-tax yields in a low interest-rate environment. Consequently, municipal bonds produced higher total returns, on average, than most other fixed-income market sectors for the reporting period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Our economic forecast anticipates that the United States will continue to post better economic data than most of the rest of the developed world. An aggressively accommodative monetary policy, pent-up demand in several industry groups and gradual improvement in housing prices appear likely to offset risks stemming from the ongoing European debt crisis and volatile energy prices.As always, we encourage you to talk with your financial adviser about how these developments may affect your investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Thank you for your continued confidence and support.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Jonathan R. Baum</FONT><BR><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Chairman and Chief Executive Officer</FONT><BR><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Dreyfus Corporation</FONT><BR><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>April 16, 2012</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>DISCUSSION OF FUND PERFORMANCE</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>For the period of October 1, 2011, through March 31, 2012, as provided by Daniel Barton and Steven Harvey, Portfolio Managers</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Fund and Market Performance Overview</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>For the six-month period ended March 31, 2012, Dreyfus Strategic Municipals, Inc. achieved a total return of 8.40% on a net-asset-value basis.</FONT><SUP><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>1 </FONT></SUP><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Over the same period, the fund provided aggregate income dividends of $0.29 per share, which reflects a distribution rate of 6.45%.</FONT><SUP><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>2</FONT></SUP></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Falling long-term interest rates and favorable supply-and-demand factors helped fuel strong performance among municipal bonds over the reporting period.The fund&#8217;s return was enhanced, primarily due to our security selection strategy and focus on municipal bonds with longer maturities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>As a side note, Daniel Barton and Steven Harvey have served as primary portfolio managers of the fund since November 2011 and February 2012, respectively.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>The Fund&#8217;s Investment Approach</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund&#8217;s investment objective is to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. Under normal market conditions, the fund invests at least 80% of its net assets in municipal obligations. Generally, the fund invests at least 50% of its net assets in municipal bonds considered investment grade or the unrated equivalent as determined by Dreyfus in the case of bonds, and in the two highest-rating categories or the unrated equivalent as determined by Dreyfus in the case of short-term obligations having or deemed to have maturities of less than one year.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>To this end, portfolio construction focuses on income opportunities, through analysis of each bond&#8217;s structure, including paying close attention to each bond&#8217;s yield, maturity and early redemption features.When making new investments, we focus on identifying undervalued sectors and securities, and we minimize the use of interest rate forecasting.We select municipal bonds by using fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities and to exploit pricing inefficiencies in the municipal bond market.</FONT></P>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>DISCUSSION OF FUND PERFORMANCE </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>We actively trade among various sectors, such as escrowed, general obligation and revenue, based on their apparent relative values.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Municipal Bonds Rallied as Economic Concerns Eased</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The reporting period began in the wake of heightened turmoil in the financial markets sparked by an unprecedented downgrade of one agency&#8217;s credit-rating of long-term U.S. government debt, a sovereign debt crisis in Greece that threatened to spread to other members of the European Union, and uncertainties regarding the sustainability of the U.S. economic recovery. Declines were especially severe among stocks and lower-rated bonds, including some municipal securities. The Federal Reserve Board (the &#8220;Fed&#8221;) responded to these economic concerns with Operation Twist, in which the central bank sold short-term U.S.Treasury securities and purchased long-term bonds, driving longer-term yields lower.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Fortunately, most of investors&#8217; concerns at the time did not materialize, and better economic data soon cheered investors, who returned their attention to riskier assets. As a result, lower-rated municipal bonds that had been punished during the downturn rallied through the reporting period&#8217;s end, while bonds with AAA ratings generally lagged market averages.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Positive supply-and-demand forces also buoyed municipal bond prices. New issuance volumes fell sharply in 2011 after a flood of new supply in late 2010, and political pressure led to reduced borrowing for capital projects. Meanwhile, investor demand remained robust from individuals seeking competitive levels of current income in a low interest-rate environment. From a credit-quality perspective, many states and municipalities cut spending, helping to bridge budget gaps and easing fiscal concerns that had weighed on the market.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Credit Selection Strategies Proved Effective</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund&#8217;s relative performance was buoyed by its longstanding focus on municipal bonds with longer maturities, which rallied as long-term interest rates declined and investors reached for higher levels of income. In addition, our security selection strategy fared well in the rally, as bonds backed by revenues from hospitals, industrial development projects and the states&#8217; settlement of litigation with U.S. tobacco companies either</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>rebounded from previous weakness or benefited from robust demand from individuals and institutional investors seeking alternatives to low yielding taxable bonds. In this environment, the fund&#8217;s leveraging strategy, which employs tender option bonds and auction-rate preferred securities, was effective in magnifying the market&#8217;s gains.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>These successes were balanced to a degree by our ongoing efforts to upgrade the fund&#8217;s overall credit quality.While we believe that a shift to higher-rated securities is the right strategy for the longer term, it proved to be a slight drag on performance when investors refocused on lower-rated securities during the reporting period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Adjusting to a Changing Market Environment</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>While we are encouraged by recently improved data, the U.S. economy remains vulnerable to unexpected shocks and uncertainty regarding future Fed policy. In addition, we believe that higher yielding bonds may have become more richly valued after the recent rally. Consequently, we expect market volatility to remain elevated, and we intend to remain nimble in order to make tactical moves out of fully valued bonds and into those selling below our estimate of their intrinsic values.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>April 16, 2012</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Bond funds are subject generally to interest rate, credit, liquidity and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer&#8217;s perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>The use of leverage may magnify the fund&#8217;s gains or losses. For derivatives with a leveraging component, adverse changes in the value or level of the underlying asset can result in a loss that is much greater than the original investment in the derivative.</FONT></I></P>

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   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Total return includes reinvestment of dividends and any capital gains paid, based upon net asset</FONT></I>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>value per share. Past performance is no guarantee of future results. Market price per share, net asset</FONT></I>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>value per share and investment return fluctuate. Income may be subject to state and local taxes,</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>and some income may be subject to the federal alternative minimum tax (AMT) for certain</FONT></I>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>investors. Capital gains, if any, are fully taxable. Return figure provided reflects the absorption of</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>certain fund expenses by The Dreyfus Corporation pursuant to an agreement in effect until</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>November 30, 2012, at which time it may be extended, modified or terminated. Had these</FONT></I>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>expenses not been absorbed, the fund&#8217;s return would have been lower.</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>2</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Distribution rate per share is based upon dividends per share paid from net investment income</FONT></I>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>during the period, annualized, divided by the market price per share at the end of the period,</FONT></I>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>adjusted for any capital gain distributions.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>STATEMENT OF INVESTMENTS</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>March 31, 2012 (Unaudited)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments&#8212;150.5%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Alabama&#8212;.3%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Jefferson County,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Limited Obligation</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>School Warrants</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/24</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,887,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Alaska&#8212;.4%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Northern Tobacco Securitization</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation of Alaska, Tobacco</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Settlement Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/46</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,221,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Arizona&#8212;6.8%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Apache County Industrial</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Authority, PCR</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Tucson Electric Power</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Company Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/1/30</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,017,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Arizona Housing Finance Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SFMR (Mortgage-Backed Securities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Program) (Collateralized: FHLMC,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.55</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/41</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,370,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,615,516</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (Salt River Project</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Agricultural Improvement and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.999pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Power District, Salt River Project</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Electric System Revenue)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>17,210,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>18,335,706</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Glendale Western Loop 101 Public</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Facilities Corporation, Third</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Lien Excise Tax Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,357,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Pima County Industrial Development</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Education Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(American Charter Schools</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Foundation Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,410,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,111,898</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Salt Verde Financial Corporation,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Senior Gas Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/37</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>500,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>497,140</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California&#8212;17.8%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (Los Angeles</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Department of Airports, Senior</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Los Angeles</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>International Airport))</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/31</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,247,500</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,789,983</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GO (Various Purpose)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/31</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,800,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12,416,868</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GO (Various Purpose)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/33</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12,178,200</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6</FONT></B></P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<TR>

   <TD width="40%"></TD>

   <TD width="12%"></TD>

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   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GO (Various Purpose)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/35</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,500,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,725,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California Statewide Communities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Bentley School)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,090,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,188,418</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California Statewide Communities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Bentley School)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>0.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,910,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>244,910</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California Statewide Communities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Authority, Student</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Housing Revenue (CHF-Irvine,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>LLC-UCI East Campus</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Apartments, Phase II)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/32</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,098,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Golden State Tobacco</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.006pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Securitization Corporation,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/27</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,677,340</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Golden State Tobacco</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.006pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Securitization Corporation,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/33</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,075,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,929,579</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Golden State Tobacco</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.006pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Securitization Corporation,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.006pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Bonds (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.80</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,100,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,805,186</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Golden State Tobacco</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.006pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Securitization Corporation,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.006pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Bonds (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.90</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,176,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Trust (California Educational</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Facilities Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(University of Southern California))</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,100,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11,269,883</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sacramento County,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Airport System Subordinate and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Passenger Facility Charges</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Grant Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/35</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,250,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,999,188</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>San Buenaventura,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.009pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Community Memorial</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health System)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/41</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,316,200</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="65%"></TD>

   <TD width="34%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="4%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>San Diego Public Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Financing Authority, Senior</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sewer Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,500,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,796,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Securitization Authority</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>of Southern California,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Asset-Backed Bonds (San Diego</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>County Tobacco Asset</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Securitization Corporation)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/37</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,300,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,492,447</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tuolumne Wind Project Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Tuolumne</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Company Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/29</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,500,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,024,230</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Colorado&#8212;2.7%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Beacon Point Metropolitan</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>District, GO</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/35</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,975,460</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Colorado Educational and Cultural</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Facilities Authority, Charter</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>School Revenue (American</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Academy Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,500,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,254,145</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Colorado Health Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Revenue (Catholic</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health Initiatives)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/41</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,252,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Colorado Housing and Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Single Family</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Program Senior and Subordinate</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Bonds (Collateralized; FHA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.60</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/32</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>840,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>903,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Southlands Metropolitan District</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Number 1, GO (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/14</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,347,860</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Delaware&#8212;.9%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Delaware Economic Development</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Exempt Facility</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Indian River</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Power LLC Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/45</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,119,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Florida&#8212;7.6%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Clearwater,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Water and Sewer Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,536,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Florida,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Department of Transportation</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Right-of-Way Acquisition and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Bridge Construction Bonds</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/24</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,846,050</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8</FONT></B></P></DIV>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Florida (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Greater Orlando Aviation</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Airport</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Facilities Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,742,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Mid-Bay Bridge Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Springing Lien Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,633,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Orange County School Board,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>COP (Master Lease Purchase</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Agreement) (Insured; Assured</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,564,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Saint Johns County Industrial</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Presbyterian Retirement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Communities Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/45</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,500,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,963,320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Georgia&#8212;7.5%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Atlanta,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Airport General Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/26</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,352,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Atlanta,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Water and Wastewater Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/27</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,025,580</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Atlanta,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Water and Wastewater Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,583,020</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Brooks County Development</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Senior Health</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>and Housing Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Presbyterian</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Home, Quitman, Inc.)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Collateralized; GNMA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.70</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/20/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,445,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,677,829</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>DeKalb County Hospital Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>RAC (DeKalb Medical</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Center, Inc. Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/1/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,765,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,339,610</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Fulton County Development</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Revenue (Georgia</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tech North Avenue Apartments</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Project) (Insured; XLCA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/32</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,300,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,411,251</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Georgia Higher Education</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Facilities Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(USG Real Estate Foundation I,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>LLC Project) (Insured; Assured</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,471,060</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="65%"></TD>

   <TD width="34%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="40%"></TD>

   <TD width="11%"></TD>

   <TD width="14%"></TD>

   <TD width="17%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Hawaii&#8212;.9%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Hawaii Department of Budget and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Finance, Special Purpose</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Hawai&#8217;i Pacific</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health Obligated Group)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,415,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,714,734</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Idaho&#8212;.9%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Power County Industrial</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Corporation, SWDR</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(FMC Corporation Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.45</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/32</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,006,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Illinois&#8212;5.2%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Chicago,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>General Airport Third Lien</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Chicago O&#8217;Hare</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>International Airport)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/35</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,655,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Chicago,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sales Tax Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,500,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,869,565</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Chicago,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SFMR (Collateralized: FHLMC,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.55</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/33</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,510,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,564,722</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Greater Chicago Metropolitan Water</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Reclamation District, GO</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Capital Improvement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Limited Tax Bonds</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/32</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,500,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,551,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Illinois Finance Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Recovery Zone Facility Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Navistar International</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/15/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,314,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Railsplitter Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Tobacco</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Settlement Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/28</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,486,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Indiana&#8212;.9%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Indianapolis Local Public</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Improvement Bond Bank, Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Indianapolis Airport Authority</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Project) (Insured; AMBAC)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/36</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,500,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,607,775</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Iowa&#8212;.3%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement Authority of</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Iowa, Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.60</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,777,080</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10</FONT></B></P></DIV>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Kansas&#8212;.2%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sedgwick and Shawnee Counties,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SFMR (Mortgage-Backed Securities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Program) (Collateralized:</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.70</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/35</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,060,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,114,569</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Kentucky&#8212;.5%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Louisville/Jefferson County Metro</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Government, Health Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Jewish Hospital</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>and Saint Mary&#8217;s</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>HealthCare, Inc. Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/37</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,300,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,924,381</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Louisiana&#8212;2.3%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Jefferson Parish Hospital Service</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.998pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>District Number 2, HR (East</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Jefferson General Hospital)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/31</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,392,310</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Lakeshore Villages Master</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Community Development District,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Special Assessment Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,979,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>e</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,191,421</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Louisiana Local Government</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Environmental Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>and Community Development</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Westlake Chemical</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation Projects)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/32</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,696,010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Maine&#8212;.6%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Maine Health and Higher</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (MaineGeneral Medical</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Center Issue)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/32</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,460,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Maryland&#8212;1.2%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Maryland Economic Development</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation, Senior Student</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Housing Revenue (University of</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Maryland, Baltimore Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/33</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,590,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,039,636</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Maryland Economic Development</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation, Student Housing</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (University of</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Maryland, College Park</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Project) (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,217,620</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="40%"></TD>

   <TD width="11%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.543pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Massachusetts&#8212;10.2%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (Massachusetts Health</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>and Educational Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Massachusetts Institute of</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Technology Issue))</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>13,110,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>14,762,253</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Trust (Massachusetts,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Consolidated Loan)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,600,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,039,038</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.009pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Trust (Massachusetts</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Agency, Revenue (Harvard</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>University Issue))</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11,755,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Massachusetts Development Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Agency, Revenue (Partners</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>HealthCare System Issue)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/36</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,441,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Massachusetts Health and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Civic Investments</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Issue) (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/15/12</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,200,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,287,324</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Massachusetts Health and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Educational Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Revenue (Suffolk</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>University Issue)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/30</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,500,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,203,725</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Massachusetts Industrial Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Agency, RRR (Ogden</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Haverhill Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.60</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,020,940</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Michigan&#8212;9.5%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Charyl Stockwell Academy,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>COP</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.90</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/35</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,580,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,184,563</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Detroit,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sewage Disposal System Senior</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Lien Revenue (Insured; Assured</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/27</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,500,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,024,825</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Detroit,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sewage Disposal System</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Senior Lien Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/33</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,700,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,126,026</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12</FONT></B></P></DIV>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Michigan (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Detroit,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Water Supply System Senior</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Lien Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/31</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,099,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Detroit School District,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>School Building and Site</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Improvement Bonds (GO&#8212;</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Unlimited Tax) (Insured;</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FGIC) (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/1/13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,930,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,130,666</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Kent Hospital Finance Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Metropolitan</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Hospital Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/35</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,930,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,984,146</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Michigan Hospital Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, HR (Henry Ford</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health System)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/29</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,472,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Michigan Strategic Fund,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>LOR (The Detroit Edison</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Company Exempt Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Project) (Insured; XLCA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/15/32</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,019,560</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Michigan Strategic Fund,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SWDR (Genesee Power</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Station Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,400,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,103,808</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Royal Oak Hospital Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, HR (William Beaumont</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Hospital Obligated Group)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/1/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,500,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,891,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Wayne County Airport Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Airport Revenue (Detroit</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Metropolitan Wayne County</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Airport) (Insured; National</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Public Finance Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,435,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,382,101</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Minnesota&#8212;2.7%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dakota County Community</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Agency, SFMR</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Mortgage-Backed Securities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Program) (Collateralized:</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FHLMC, FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,286,829</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,331,984</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dakota County Community</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Agency, SFMR</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Mortgage-Backed Securities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Program) (Collateralized:</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FHLMC, FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.30</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,416,619</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,512,708</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>13</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="39%"></TD>

   <TD width="12%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Minnesota (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Minneapolis,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health Care System Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Fairview Health Services)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,833,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Saint Paul Housing and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Redevelopment Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Hospital Facility Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(HealthEast Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,310,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,352,335</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Winona,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health Care Facilities Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Winona Health Obligated Group)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/26</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,500,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,558,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Mississippi&#8212;3.2%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Clairborne County,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>PCR (System Energy</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Resources, Inc. Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/26</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,525,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,527,171</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Mississippi Business Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation, PCR (System</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Energy Resources, Inc. Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/22</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,310,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,339,792</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Mississippi Development Bank,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Special Obligation Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Magnolia Regional Health</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Center Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/31</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,648,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Missouri&#8212;1.6%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Missouri Development Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Board, Infrastructure</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Facilities Revenue (Branson</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Landing Project) (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/12</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,068,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Missouri Development Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Board, Infrastructure</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Facilities Revenue (Branson</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Landing Project) (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/12</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,500,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,658,175</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Missouri Development Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Board, Infrastructure Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Independence,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Crackerneck Creek Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/1/28</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,021,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Montana&#8212;.0%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Montana Board of Housing,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SFMR</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.45</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/29</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>245,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>249,381</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>14</FONT></B></P></DIV>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Nevada&#8212;1.0%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Clark County,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Passenger Facility Charge</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Las Vegas-McCarran</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>International Airport)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/30</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,311,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New Hampshire&#8212;.9%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New Hampshire Industrial</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Authority, PCR</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Connecticut Light and Power</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Company Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.90</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,012,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New Jersey&#8212;4.4%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New Jersey Economic</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cigarette Tax Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,500,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,064,630</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New Jersey Higher Education</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Student Assistance Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Student Loan Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/30</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,356,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement Financing</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation of New Jersey,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/23</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,500,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,348,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement Financing</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation of New Jersey,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/41</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,500,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,194,355</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement Financing</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation of New Jersey,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Bonds (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,640,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,074,167</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New Mexico&#8212;1.5%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Farmington,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>PCR (Public Service Company of</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New Mexico San Juan Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.90</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,512,330</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New Mexico Mortgage Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Single Family</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Mortgage Program Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Collateralized: FHLMC,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/35</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>615,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>654,791</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>15</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="40%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New York&#8212;11.2%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.999pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (New York City Municipal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Water Finance Authority, Water</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>and Sewer System General</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Resolution Revenue)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>20,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>21,624,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (New York City</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Transitional Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Future Tax Secured</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Subordinate Revenue)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/27</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,004,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Trust (New York City</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Transitional Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Future Tax Secured</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Subordinate Revenue)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,942,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New York City Educational</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Construction Fund, Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/27</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,490,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,561,718</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New York City Industrial</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Agency, PILOT</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Yankee Stadium</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Project) (Insured; Assured</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/1/49</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,844,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New York City Transitional Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Future Tax Secured</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Subordinate Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11,062,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New York State Dormitory</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Revenue (Orange</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Regional Medical Center</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Obligated Group)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/29</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,625,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,708,379</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Port Authority of New York and New</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Jersey, Special Project Bonds</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(JFK International Air</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Terminal LLC Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/36</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,244,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ohio&#8212;4.2%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Buckeye Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Financing Authority, Tobacco</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Settlement Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/30</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,323,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Buckeye Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Financing Authority, Tobacco</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Settlement Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/47</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,300,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,733,832</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>16</FONT></B></P></DIV>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ohio (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Butler County,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Hospital Facilities Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(UC Health)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,500,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,671,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Canal Winchester Local School</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>District, School Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Construction and Improvement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>and Advance Refunding</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Bonds (GO&#8212;Unlimited</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tax) (Insured; National</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Public Finance</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>0.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/29</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,955,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,844,137</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Canal Winchester Local School</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>District, School Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Construction and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Improvement and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Advance Refunding Bonds</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(GO&#8212;Unlimited Tax)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Insured; National Public</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Finance Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>0.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/31</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,955,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,645,636</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ohio Air Quality Development</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Air Quality Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Ohio Valley Electric</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,900,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,164,404</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Port of Greater Cincinnati</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Authority, Tax</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Increment Development Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Fairfax Village Red Bank</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Infrastructure Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/36</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,382,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Toledo Lucas County Port</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Airport Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Baxter Global Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,800,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,801,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Toledo-Lucas County Port</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Special Assessment</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Crocker Park Public</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Improvement Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/35</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,075,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Oregon&#8212;.6%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Warm Springs Reservation</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Confederated Tribes,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Hydroelectric Revenue (Pelton</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Round Butte Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/33</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,300,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,418,206</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>17</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="38%"></TD>

   <TD width="13%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.543pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Pennsylvania&#8212;1.4%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.009pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Trust (Geisinger Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health System Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Geisinger Health System))</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/35</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,243,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Philadelphia,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GO</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/41</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,550,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,208,205</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Rhode Island&#8212;1.1%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Rhode Island Health and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Educational Building</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation, Hospital</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Financing Revenue (Lifespan</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Obligated Group Issue)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,901,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>South Carolina&#8212;4.1%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Barclays Capital Municipal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Trust Receipts (Columbia,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Waterworks and Sewer</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>System Revenue)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11,110,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>South Carolina Public Service</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Revenue Obligations</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11,209,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tennessee&#8212;3.5%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (Rutherford County</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health and Educational</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Facilities Board, Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Ascension Health Senior</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Credit Group))</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,722,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Metropolitan Government of</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Nashville and Davidson County</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health and Educational</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Facilities Board, Revenue (The</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Vanderbilt University)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,119,510</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Texas&#8212;12.2%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (Leander Independent</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>School District, Unlimited Tax</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>School Building Bonds</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Permanent School Fund</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Guarantee Program))</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/15/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,510,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,255,008</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>18</FONT></B></P></DIV>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Texas (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dallas and Fort Worth,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Joint Revenue (Dallas/Fort</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Worth International Airport)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Insured; National Public</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Finance Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/28</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,540,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,550,185</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dallas Area Rapid Transit,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Senior Lien Sales Tax Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/48</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,846,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Harris County Health Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Corporation, HR</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Memorial Hermann</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Healthcare System)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/35</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,377,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Houston,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Combined Utility System First</FONT>&nbsp;</TD>

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   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Lien Revenue (Insured; Assured</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/36</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,939,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>North Texas Tollway Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.009pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>First Tier System Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,300,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11,258,930</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>North Texas Tollway Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Second Tier System Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,500,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,903,645</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Pasadena Independent School</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>District, Unlimited Tax School</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Building Bonds (Permanent</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>School Fund Guarantee Program)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/31</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,175,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,671,507</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sam Rayburn Municipal Power</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Agency, Power Supply</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>System Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,000,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,075,780</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Texas Department of Housing and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Community Affairs, Home Mortgage</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Collateralized: FHLMC,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>13.30</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/2/24</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>500,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>f</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>540,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Texas Turnpike Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Central Texas Turnpike System</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Insured; AMBAC)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/15/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,100,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,195,495</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Vermont&#8212;.1%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Vermont Housing Finance Agency,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SFHR (Insured; Assured</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/30</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>425,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>433,746</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>19</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="40%"></TD>

   <TD width="12%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Virginia&#8212;2.0%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (Virginia Small</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Business Financing Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health Care Facilities Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Sentara Healthcare))</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,724,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Washington&#8212;4.7%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (King County,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Limited Tax GO (Payable</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>from Sewer Revenues))</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/33</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11,056,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (King County,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sewer Revenue)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/29</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,998,716</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a,b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,572,076</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Washington Health Care Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Mortgage Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Highline Medical Center)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Collateralized; FHA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/36</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,975,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,859,121</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Washington Higher Education</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Facilities Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Seattle University Project)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Insured; AMBAC)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/37</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,175,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>West Virginia&#8212;.8%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>The County Commission of Harrison</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>County, SWDR (Allegheny Energy</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Supply Company, LLC Harrison</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Station Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/15/37</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,039,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>West Virginia Water Development</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Water Development</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Insured; AMBAC)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,250,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,284,358</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Wisconsin&#8212;3.8%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Badger Tobacco Asset</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.005pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Securitization Corporation,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.005pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Bonds (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/12</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,795,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,823,174</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Badger Tobacco Asset</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.005pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Securitization Corporation,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.005pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Bonds (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/12</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12,995,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>13,144,962</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Madison,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.999pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>IDR (Madison Gas and Electric</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Company Projects)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,390,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,391,052</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>20</FONT></B></P></DIV>

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<TR>

   <TD width="39%"></TD>

   <TD width="13%"></TD>

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   <TD width="17%"></TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Wisconsin (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Wisconsin Health and Educational</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Facilities Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Aurora Health Care, Inc.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/15/33</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,049,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Wyoming&#8212;1.0%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Wyoming Municipal Power Agency,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Power Supply System Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/33</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,360,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,566,052</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Wyoming Municipal Power Agency,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Power Supply System Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/42</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,750,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,946,075</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>U.S. Related&#8212;7.8%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Guam,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>LOR (Section 30)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,101,580</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Guam Housing Corporation,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SFMR (Guaranteed</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Mortgage-Backed</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Securities Program)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Collateralized; FHLMC)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/1/31</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>965,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,119,371</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Guam Waterworks Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Water and Wastewater</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>System Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,990,560</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Puerto Rico Aqueduct and Sewer</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Senior Lien Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/37</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,500,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,343,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Puerto Rico Commonwealth,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Public Improvement GO</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/32</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,117,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Puerto Rico Commonwealth,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Public Improvement GO</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,610,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,704,282</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Puerto Rico Commonwealth,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Public Improvement GO</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,390,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,718,243</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Puerto Rico Electric Power</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Power Revenue</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,500,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,588,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Puerto Rico Sales Tax Financing</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation, Sales Tax Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(First Subordinate Series)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,353,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Puerto Rico Sales Tax Financing</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation, Sales Tax Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(First Subordinate Series)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,500,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,665,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Puerto Rico Sales Tax Financing</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation, Sales Tax Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(First Subordinate Series)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/42</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12,389,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total Long-Term Municipal Investments</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(cost $757,568,909)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>815,659,908</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>21</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="38%"></TD>

   <TD width="11%"></TD>

   <TD width="10%"></TD>

   <TD width="13%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Short-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments&#8212;.9%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California&#8212;.1%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GO Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Kindergarten-University)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(LOC: California State</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Teachers Retirement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>System and Citibank NA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>0.16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/12</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>600,000 <SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>g</FONT></SUP></FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>600,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Irvine Assessment District Number</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>03-19, Limited Obligation</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Improvement Bonds (LOC:</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California State Teachers</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Retirement System and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>U.S. Bank NA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>0.16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/12</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>100,000 <SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>g</FONT></SUP></FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>100,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New York&#8212;.8%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New York City,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GO Notes (LOC; JPMorgan</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Chase Bank)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>0.17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/12</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,100,000 <SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>g</FONT></SUP></FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,100,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total Short-Term Municipal Investments</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(cost $4,800,000)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,800,000</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#e8e8e8 colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total Investments </FONT></B><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(cost $762,368,909)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>151.4</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>820,459,908</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#e8e8e8 colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Liabilities, Less Cash and Receivables</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(12.0</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>%)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(64,781,235</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#e8e8e8 colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Preferred Stock, at redemption value</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(39.4</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>%)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(213,750,000</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#e8e8e8 colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>100.0</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>541,928,673</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR></TABLE></DIV>

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<TABLE cellSpacing=0 border=0>



<TR>

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<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>a Collateral for floating rate borrowings.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>b Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>transactions exempt from registration, normally to qualified institutional buyers.At March 31, 2012, these securities</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>were valued at $168,590,067 or 31.1% of net assets applicable to Common Shareholders.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>c Security issued with a zero coupon. Income is recognized through the accretion of discount.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>the municipal issue and to retire the bonds in full at the earliest refunding date.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>e Non-income producing security; interest payments in default.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>f Inverse floater security&#8212;the interest rate is subject to change periodically. Rate shown is the interest rate in effect at</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>March 31, 2012.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>g Variable rate demand note&#8212;rate shown is the interest rate in effect at March 31, 2012. Maturity date represents the</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>next demand date, or the ultimate maturity date if earlier.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>22</FONT></B></P></DIV>

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   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=2>Summary of Abbreviations</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#e8e8e8 colSpan=4>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>ABAG</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Association of Bay Area Governments</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>ACA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.083pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>American Capital Access</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>AGC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>ACE Guaranty Corporation</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>AGIC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.083pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Asset Guaranty Insurance Company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>AMBAC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>American Municipal Bond</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>ARRN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.083pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Adjustable Rate</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.499pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Assurance Corporation</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.454pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Receipt Notes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>BAN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Bond Anticipation Notes</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>BPA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.083pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Bond Purchase Agreement</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>CIFG</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>CDC Ixis Financial Guaranty</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>COP</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.083pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Certificate of Participation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>CP</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Commercial Paper</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>DRIVERS</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.084pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Derivative Inverse</FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.077pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Tax-Exempt Receipts</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>EDR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Economic Development</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>EIR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.084pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Environmental Improvement</FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.5pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.136pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FGIC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Financial Guaranty</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FHA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.084pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Federal Housing</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.503pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Insurance Company</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.314pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Administration</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FHLB</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Federal Home</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FHLMC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.084pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Federal Home Loan Mortgage</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.5pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Loan Bank</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.184pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FNMA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Federal National</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GAN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.083pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Grant Anticipation Notes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.499pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Mortgage Association</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GIC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Guaranteed Investment</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GNMA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.084pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Government National Mortgage</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.5pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Contract</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.114pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Association</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GO</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>General Obligation</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>HR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.084pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Hospital Revenue</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>IDB</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Industrial Development Board</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>IDC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.084pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Industrial Development Corporation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>IDR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Industrial Development Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>LOC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.084pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Letter of Credit</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>LOR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Limited Obligation Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>LR</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Lease Revenue</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>MERLOTS</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Municipal Exempt Receipt</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>MFHR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.084pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Multi-Family Housing</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.5pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Liquidity Option Tender</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.082pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>MFMR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Multi-Family Mortgage Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>PCR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.083pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Pollution Control Revenue</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>PILOT</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Payment in Lieu of Taxes</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>P-FLOATS </FONT></B><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Puttable Floating Option</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.076pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Tax-Exempt Receipts</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>PUTTERS</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Puttable Tax-Exempt Receipts</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>RAC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.082pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue Anticipation Certificates</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>RAN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue Anticipation Notes</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>RAW</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.082pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue Anticipation Warrants</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>ROCS</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Reset Options Certificates</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>RRR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.081pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Resources Recovery Revenue</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SAAN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>State Aid Anticipation Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SBPA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.082pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Standby Bond Purchase Agreement</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SFHR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Single Family Housing Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SFMR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.085pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Single Family Mortgage Revenue</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SONYMA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>State of New York Mortgage Agency</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SWDR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.084pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Solid Waste Disposal Revenue</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>TAN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Tax Anticipation Notes</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>TAW</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.084pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Tax Anticipation Warrants</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>TRAN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Tax and Revenue Anticipation Notes</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>XLCA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.084pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>XL Capital Assurance</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>23</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="14%"></TD>

   <TD width="8%"></TD>

   <TD width="19%"></TD>

   <TD width="8%"></TD>

   <TD width="29%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8 colSpan=5><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=2>Summary of Combined Ratings (Unaudited)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#e8e8e8 colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Fitch</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>or</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.023pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Moody&#8217;s</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>or</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.063pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Standard &amp; Poor&#8217;s</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value (%)</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>&#8224;</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>AAA</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.046pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Aaa</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.086pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>AAA</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>17.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>AA</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.045pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Aa</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.093pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>AA</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>29.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>A</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.045pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>A</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.093pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>A</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>25.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>BBB</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Baa</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>BBB</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>16.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>BB</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.038pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ba</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.078pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>BB</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>B</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.045pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>B</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.093pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>B</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.8</FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>F1</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.038pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>MIG1/P1</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.07pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SP1/A1</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.1</FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Not Rated</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>h</FONT></SUP>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.047pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Not Rated</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>h</FONT></SUP>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.097pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Not Rated</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>h</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>100.0</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>&#8224; Based on total investments.</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>h Securities which, while not rated by Fitch, Moody&#8217;s and Standard &amp; Poor&#8217;s, have been determined by the Manager to</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>be of comparable quality to those rated securities in which the fund may invest.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>See notes to financial statements.</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>24</FONT></B></P></DIV>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>STATEMENT OF ASSETS AND LIABILITIES</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>March 31, 2012 (Unaudited)</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value</FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Assets ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investments in securities&#8212;See Statement of Investments</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>762,368,909</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>820,459,908</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Interest receivable</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>13,589,291</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Prepaid expenses</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>14,714</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>834,063,913</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Liabilities ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Due to The Dreyfus Corporation and affiliates&#8212;Note 2(b)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>443,692</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cash overdraft due to Custodian</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,714,016</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Payable for floating rate notes issued&#8212;Note 3</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>74,886,216</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Interest and expense payable related to</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>floating rate notes issued&#8212;Note 3</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>157,626</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Commissions payable&#8212;Note 1</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>15,038</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends payable to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,112</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Accrued expenses</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>162,540</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>78,385,240</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Auction Preferred Stock, </FONT></B><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Series M,T,W,Th and F, par value</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>$.001 per share (8,550 shares issued and outstanding at</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>$25,000 per share liquidation preference)&#8212;Note 1</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>213,750,000</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Assets applicable to Common Shareholders ($)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>541,928,673</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Composition of Net Assets ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Common Stock, par value, $.001 per share</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(61,494,281 shares issued and outstanding)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>61,494</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Paid-in capital</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>559,760,396</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Accumulated undistributed investment income&#8212;net</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,086,348</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Accumulated net realized gain (loss) on investments</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(85,070,564</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Accumulated net unrealized appreciation</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(depreciation) on investments</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>58,090,999</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Assets applicable to Common Shareholders ($)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>541,928,673</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Shares Outstanding</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(500 million shares authorized)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>61,494,281</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Asset Value, </FONT></B><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>per share of Common Stock ($)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.81</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>See notes to financial statements.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>25</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>STATEMENT OF OPERATIONS</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Six Months Ended March 31, 2012 (Unaudited)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="80%"></TD>

   <TD width="15%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>Investment Income ($):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Interest Income</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>21,209,258</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Expenses:</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Management fee&#8212;Note 2(a)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,779,786</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Interest and expense related to floating rate notes issued&#8212;Note 3</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>265,702</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Commission fees&#8212;Note 1</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>178,172</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Directors&#8217; fees and expenses&#8212;Note 2(c)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>53,413</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Shareholders&#8217; report</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>48,856</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Professional fees</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>45,151</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Shareholder servicing costs&#8212;Note 2(b)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>36,053</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Registration fees</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>27,688</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Custodian fees&#8212;Note 2(b)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>26,817</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Miscellaneous</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>35,202</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total Expenses</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,496,840</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Less&#8212;reduction in management fee due to undertaking&#8212;Note 2(a)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(370,638</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Expenses</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,126,202</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investment Income&#8212;Net</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>18,083,056</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>Realized and Unrealized Gain (Loss) on Investments&#8212;Note 3 ($):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net realized gain (loss) on investments</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,732,024</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net unrealized appreciation (depreciation) on investments</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>22,129,435</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Realized and Unrealized Gain (Loss) on Investments</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>24,861,459</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends to Preferred Shareholders</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(214,071</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Increase in Net Assets Resulting from Operations</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>42,730,444</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>See notes to financial statements.</FONT></I>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>26</FONT></B></P></DIV>

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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>STATEMENT OF CASH FLOWS</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>March 31, 2012 (Unaudited)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="15%"></TD>

   <TD width="3%"></TD>

   <TD width="14%"></TD>

   <TD width="3%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cash Flows from Operating Activities ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Interest received</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>21,889,074</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Operating expenses paid</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(2,845,557</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends paid to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(212,332</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Purchases of portfolio securities</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(73,530,086</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net purchases of short-term portfolio securities</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(265,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Proceeds from sales of portfolio securities</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>71,731,595</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>16,767,694</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cash Flows from Financing Activities ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends paid to Common Shareholders</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(16,200,615</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Interest and expense related</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to floating rate notes issued paid</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(288,191</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(16,488,806</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Increase in cash</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>278,888</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cash overdraft at beginning of period</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(2,992,904</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cash overdraft at end of period</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(2,714,016</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Reconciliation of Net Increase in Net Assets Applicable to</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.998pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Common Shareholders Resulting from Operations to</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Cash Provided by Operating Activities ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Increase in Net Assets Applicable to Common</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Shareholders Resulting From Operations</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>42,730,444</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Adjustments to reconcile net increase in net assets applicable</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to Common Shareholders resulting from operations to</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.002pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>net cash provided by operating activities ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Increase in investments in securities, at cost</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(2,850,216</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Decrease in receivable for investment securities sold</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>506,101</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Decrease in payable for investment securities purchased</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(2,451,400</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Decrease in interest receivable</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>174,403</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Decrease in commissions payable and accrued expenses</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(12,574</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Decrease in prepaid expenses</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>22,930</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Increase in Due to The Dreyfus Corporation and affiliates</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,587</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Increase in dividends payable to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,739</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Interest and expense related to floating rate notes issued</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>265,702</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net unrealized appreciation on investments</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(22,129,435</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net amortization of premiums on investments</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>505,413</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Cash Provided by Operating Activities</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>16,767,694</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Supplemental disclosure cash flow information ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Non-cash financing activities:</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Reinvestment of dividends</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,843,442</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>See notes to financial statements.</FONT></I></P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>27</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_32"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>STATEMENT OF CHANGES IN NET ASSETS</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="47%"></TD>

   <TD width="23%"></TD>

   <TD width="4%"></TD>

   <TD width="20%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Six Months Ended</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Year Ended</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>September 30, 2011</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Operations ($):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investment income&#8212;net</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>18,083,056</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>36,731,618</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net realized gain (loss) on investments</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,732,024</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(10,313,792</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net unrealized appreciation</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(depreciation) on investments</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>22,129,435</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(4,208,833</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(214,071</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(751,790</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Increase (Decrease) in Net Assets</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Resulting from Operations</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>42,730,444</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>21,457,203</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends to Common Shareholders from ($)</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investment income&#8212;net</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(18,044,056</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(35,988,735</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Capital Stock Transactions ($):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends reinvested</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,843,442</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,323,153</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total Increase (Decrease) in Net Assets</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>26,529,830</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(13,208,379</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Assets ($):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Beginning of Period</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>515,398,843</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>528,607,222</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>End of Period</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>541,928,673</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>515,398,843</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Undistributed investment income&#8212;net</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,086,348</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,261,419</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Capital Share Transactions (Shares):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Increase in Shares Outstanding as</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a Result of Dividends Reinvested</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>215,290</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>167,099</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>See notes to financial statements.</FONT></I>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>28</FONT></B></P></DIV>

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_33"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>FINANCIAL HIGHLIGHTS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The following table describes the performance for the fiscal periods indicated.Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund&#8217;s financial statements, and with respect to common stock, market price data for the fund&#8217;s common shares.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

   <TD width="13%"></TD>

   <TD width="3%"></TD>

   <TD width="7%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="9%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD></TR>

<TR vAlign=bottom>

   <TD align=right bgColor=#e8e8e8 colSpan=3><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Six Months Ended</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=6><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Year Ended September 30,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2009</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2008</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2007</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Per Share Data ($):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net asset value,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>beginning of period</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.41</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.65</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.47</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.88</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 23pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.12</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.46</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investment Operations:</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investment income&#8212;net</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.29</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.60</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.62</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.67</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 23pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.68</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.69</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net realized and unrealized</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>gain (loss) on investments</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.40</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.24</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.15</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.48</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 23pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(1.25</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.36</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends to Preferred</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.127pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Shareholders from</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.125pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>investment income&#8212;net</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.00</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.01</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.02</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.06</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 23pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.17</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.17</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total from</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.092pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investment Operations</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.69</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.35</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.75</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.09</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 23pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.74</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.16</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Distributions to</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.125pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Common Shareholders:</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends from</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.125pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>investment income&#8212;net</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.29</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.59</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.57</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.50</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 23pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.50</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.50</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net asset value, end of period</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.81</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.41</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.65</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.47</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 23pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.88</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.12</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Market value, end of period</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.12</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.50</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.02</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.91</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 23pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.75</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.74</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total Return (%)</FONT></B><B><SUP><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.02</FONT><SUP><FONT style="WIDTH: 8pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.32</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>22.13</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>26.05</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 23pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(18.00</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.46</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>29</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>FINANCIAL HIGHLIGHTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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   <TD width="4%"></TD>

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   <TD width="10%"></TD>

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD align=right bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Six Months Ended</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>March 31, 2012</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=3><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Year Ended September 30,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2009</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2008</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2007</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratios/Supplemental Data (%):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratio of total expenses to</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.122pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>average net assets applicable</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.122pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to Common Stock</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>e</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.33</FONT></TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>f</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.58</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.63</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratio of net expenses to</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>average net assets applicable</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to Common Stock</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>e</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.19</FONT></TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>f</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.26</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.24</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.42</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.48</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratio of interest and expense</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>related to floating rate notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>issued to average net assets</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>applicable to Common Stock</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>e</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.10</FONT></TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>f</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.10</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.05</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.28</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratio of net investment income</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to average net assets applicable</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to Common Stock</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>e</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.86</FONT></TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>f</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.51</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.43</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.09</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.79</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.38</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratio of total expenses to</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.126pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>total average net assets</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.94</FONT></TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>f</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.96</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.92</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.92</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.03</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.09</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratio of net expenses</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to total average net assets</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.84</FONT></TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>f</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.86</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.82</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.82</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.92</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8 colSpan=2><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratio of interest and expense related</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to floating rate notes issued</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to total average net assets</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.07</FONT></TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>f</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.07</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.03</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.11</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.19</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratio of net investment income</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to total average net assets</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.88</FONT></TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>f</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.89</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.57</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.07</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.92</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Portfolio Turnover Rate</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.79</FONT></TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>17.81</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>24.41</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>28.72</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>48.60</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>34.75</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Asset coverage of Preferred Stock,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>end of period</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>354</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>341</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>324</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>281</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>268</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>294</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Assets,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.122pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>net of Preferred Stock,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>end of period ($ x 1,000)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>541,929</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>515,399</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>528,607</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>514,786</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>478,586</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>553,598</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Preferred Stock outstanding,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>end of period ($ x 1,000)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>213,750</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>213,750</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>235,750</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>285,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>285,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>285,000</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="3%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>a</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Based on average common shares outstanding at each month end.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>b</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Amount represents less than $.01 per share.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>c</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Calculated based on market value.</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>d</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.007pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Not annulized.</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>e</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Does not reflect the effect of dividends to Preferred Shareholders.</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>f</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.008pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Annualized.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>See notes to financial statements.</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>30</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>NOTES TO FINANCIAL STATEMENTS </FONT><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>NOTE 1&#8212;Significant Accounting Policies:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dreyfus Strategic Municipals, Inc. (the &#8220;fund&#8221;) is registered under the Investment Company Act of 1940, as amended (the &#8220;Act&#8221;), as a diversified closed-end management investment company.The fund&#8217;s investment objective is to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. The Dreyfus Corporation (the &#8220;Manager&#8221; or &#8220;Dreyfus&#8221;), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (&#8220;BNY Mellon&#8221;), serves as the fund&#8217;s investment adviser. The fund&#8217;s Common Stock trades on the NYSE under the ticker symbol LEO.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund has outstanding 1,710 shares of Series M, Series T, Series W, Series TH and Series F for a total of 8,550 shares of Auction Preferred Stock (&#8220;APS&#8221;), with a liquidation preference of $25,000 per share (plus an amount equal to accumulated but unpaid dividends upon liquida-tion).APS dividend rates are determined pursuant to periodic auctions or by reference to a market rate. Deutsche Bank Trust Company America, as Auction Agent, receives a fee from the fund for its services in connection with such auctions.The fund also compensates broker-dealers generally at an annual rate of .15%-.25% of the purchase price of the shares of APS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund is subject to certain restrictions relating to the APS. Failure to comply with these restrictions could preclude the fund from declaring any distributions to Common Shareholders or repurchasing common shares and/or could trigger the mandatory redemption of APS at liquidation value.Thus, redemptions of APS may be deemed to be outside of the control of the fund.</FONT></P>

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   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>31</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The holders of the APS, voting as a separate class, have the right to elect at least two directors.The holders of the APS will vote as a separate class on certain other matters, as required by law. The fund has designated Robin A. Melvin and John E. Zuccotti as directors to be elected by the holders of APS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (&#8220;SEC&#8221;) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund&#8217;s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions.Actual results could differ from those estimates.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund enters into contracts that contain a variety of indemnifications. The fund&#8217;s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(a) Portfolio valuation: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value.This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>32</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Various inputs are used in determining the value of the fund&#8217;s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Level 1</FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;unadjusted quoted prices in active markets for identical investments.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Level 2</FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Level 3</FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;significant unobservable inputs (including the fund&#8217;s own assumptions in determining the fair value of investments).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund&#8217;s investments are as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Investments in securities are valued each business day by an independent pricing service (the &#8220;Service&#8221;) approved by the Board of Directors. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market con-ditions.All of the preceding securities are categorized within Level 2 of the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Service&#8217;s procedures are reviewed by Dreyfus under the general supervision of the Board of Directors.</FONT></P>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>33</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized within Level 3 of the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The following is a summary of the inputs used as of March 31, 2012 in valuing the fund&#8217;s investments:</FONT></P>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Level 2&#8212;Other</FONT>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Level 3&#8212;</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Level 1&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Significant</FONT>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Significant</FONT>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Unadjusted</FONT>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Observable</FONT>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Unobservable</FONT>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Quoted Prices</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Total</FONT>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Assets ($)</FONT></B>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left colSpan=2><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investments in Securities:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Municipal Bonds</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>820,459,908</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>820,459,908</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>In May 2011, FASB issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2011-04 &#8220;Amendments to Achieve Common FairValue Measurement and Disclosure Requirements in GAAP and International Financial Reporting Standards (&#8220;IFRS&#8221;)&#8221; (&#8220;ASU 2011-04&#8221;). ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between GAAP and IFRS. ASU 2011-04 will require</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>34</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements.The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(b) Securities transactions and investment income: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(c) Dividends to shareholders of Common Stock (&#8220;Common Shareholders(s)&#8221;): </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dividends are recorded on the ex-dividend date. Dividends from investment income-net are declared and paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>For Common Shareholders who elect to receive their distributions in additional shares of the fund, in lieu of cash, such distributions will be reinvested at the lower of the market price or net asset value per share (but not less than 95% of the market price) based on the record date&#8217;s respective prices. If the net asset value per share on the record date is lower than the market price per share, shares will be issued by the fund at the record date&#8217;s net asset value on the payable date of the distribution. If the net asset value per share is less than 95% of the market value, shares will be issued by the fund at 95% of the market value. If the market price is lower than the net asset value per share on the record date, Computershare Shareowner Services LLC, will purchase fund shares in the open market commencing on the payable date and reinvest those shares accordingly. As a result of purchasing fund shares in the open market, fund shares outstanding will not be affected by this form of reinvestment.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>On March 29, 2012, the Board of Directors declared a cash dividend of $0.049 per share from investment income-net, payable on April 30, 2012 to Common Shareholders of record as of the close of business on April 16, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(d) Dividends to shareholders of APS: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dividends, which are cumulative, are generally reset every 7 days for each Series of APS pursuant to a process specified in related fund charter documents. Dividend rates as of March 31, 2012, for each Series of APS were as follows: Series M-0.259%, Series T-0.274%, Series W-0.274%, Series TH-0.274% and Series F-0.244%.These rates reflect the &#8220;maximum rates&#8221; under the governing instruments as a result of &#8220;failed auctions&#8221; in which sufficient clearing bids are not received. The average dividend rates for the period ended March 31, 2012 for each Series of APS were as follows: Series M-0.21%, Series T-0.20%, Series W-0.20%, Series TH-0.20% and Series F-0.20%.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(e) Federal income taxes: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>36</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Code and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>As of and during the period ended March 31, 2012, the fund did not have any liabilities for any uncertain tax positions.The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period, the fund did not incur any interest or penalties.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Each of the tax years in the three-year period ended September 30, 2011 remains subject to examination by the Internal Revenue Service and state taxing authorities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Under the Regulated Investment Company Modernization Act of 2010 (the &#8220;2010 Act&#8221;), the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (&#8220;post-enactment losses&#8221;) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute.The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (&#8220;pre-enactment losses&#8221;).As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund has an unused capital loss carryover of $76,307,603 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to September 30, 2011. If not applied, $27,258,106 of the carryover expires in fiscal 2012, $264,789 expires in fiscal 2016, $9,875,465 expires in fiscal 2017, $32,540,019 expires in fiscal 2018 and $6,369,224 expires in fiscal 2019.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2011 was as follows: tax exempt income $36,656,908 and ordinary income $83,617.The tax character of current year distributions will be determined at the end of the current fiscal year.</FONT></P>

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   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>37</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>NOTE 2&#8212;Management Fee and Other Transactions With Affiliates:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(a) </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Pursuant to a management agreement (&#8220;Agreement&#8221;) with the Manager, the management fee is computed at the annual rate of .75% of the value of the fund&#8217;s average weekly net assets, inclusive of the outstanding APS, and is payable monthly. The Agreement provides for an expense reimbursement from the Manager should the fund&#8217;s aggregate expenses, exclusive of taxes, interest on borrowings, brokerage and extraordinary expenses, in any full fiscal year exceed the lesser of (1) the expense limitation of any state having jurisdiction over the fund or (2) 2% of the first $10 million, 1</FONT><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1><SUP> 1 </SUP>/<SUB> 2 </SUB></FONT><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>% of the next $20 million and 1% of the excess over $30 million of the average weekly value of the fund&#8217;s net assets. The Manager has currently undertaken for the period from October 1, 2011 through May 31, 2012, to waive receipt of a portion of the fund&#8217;s management fee, in the amount of .10% of the value of the fund&#8217;s average weekly net assets (including net assets representing APS outstanding).The reduction in management fee, pursuant to the undertaking, amounted to $370,638 during the period ended March 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(b) </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>For the period from October 1, 2011 to December 31, 2011, the fund compensated BNY Mellon Shareowner Services, an affiliate of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended December 31, 2011, the fund was charged $32,477 pursuant to the transfer agency agreement with BNY Mellon Shareowner Services, which is included in Shareholder servicing costs in the Statement of Operations. Effective January 1, 2012, Computershare Shareowner Services LLC acquired BNY Mellon Shareowner Services and is performing the transfer agency services for the fund. Computershare Shareowner Services LLC is not affiliated with the Manager.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>38</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund compensates The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a custody agreement for providing custodial services to the fund. During the period ended March 31, 2012, the fund was charged $26,817 pursuant to the custody agreement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>During the period ended March 31, 2012, the fund was charged $3,183 for services performed by the Chief Compliance Officer and his staff.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The components of &#8220;Due to The Dreyfus Corporation and affiliates&#8221; in the Statement of Assets and Liabilities consist of: management fees $480,008, custodian fees $26,094 and chief compliance officer fees $1,591 which are offset against an expense reimbursement currently in effect in the amount of $64,001.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(c) </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>NOTE 3&#8212;Securities Transactions:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended March 31, 2012, amounted to $71,078,686 and $71,225,494, respectively.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Inverse Floater Securities: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust.The trust subsequently issues two or more variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One or more of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals.A residual interest tax-exempt security</FONT></P>

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   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>39</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>is also created by the trust, which is transferred to the fund, and is paid interest based on the remaining cash flow of the trust, after payment of interest on the other securities and various expenses of the trust.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund accounts for the transfer of bonds to the trust as secured borrowings, with the securities transferred remaining in the fund&#8217;s investments, and the related floating rate certificate securities reflected as fund liabilities in the Statement of Assets and Liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The average amount of borrowings outstanding under the inverse floater structure during the period ended March 31, 2012, was approximately $74,886,200, with a related weighted average annualized interest rate of .71%.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>At March 31, 2012, accumulated net unrealized appreciation on investments was $58,090,999, consisting of $63,042,192 gross unrealized appreciation and $4,951,193 gross unrealized depreciation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>At March 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>40</FONT></B></P></DIV>

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   <TD style="TEXT-INDENT: 16.011pt" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>FUND&#8217;S MANAGEMENT AGREEMENT </FONT><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>At a meeting of the fund&#8217;s Board of Directors held on November 7-8, 2011, the Board considered the renewal of the fund&#8217;s Management Agreement pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the &#8220;Agreement&#8221;).The Board members, none of whom are &#8220;interested persons&#8221; (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from Dreyfus representatives. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below.The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Analysis of Nature, Extent, and Quality of Services Provided to the Fund.</FONT></U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board considered information previously provided to them in presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex, and Dreyfus representatives confirmed that there had been no material changes in this information. Dreyfus&#8217; representatives noted the fund&#8217;s closed-end structure. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex and Dreyfus&#8217; corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each distribution channel, including the distribution channel(s) for the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board also considered research support available to, and portfolio management capabilities of, the fund&#8217;s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements.The Board also considered Dreyfus&#8217; extensive administrative, accounting, and compliance infrastructures.</FONT></P>

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   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>41</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="TEXT-INDENT: 16.006pt" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>MANAGEMENT AGREEMENT (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Comparative Analysis of the Fund&#8217;s Performance and Management Fee and Expense Ratio. </FONT></U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board reviewed reports prepared by Lipper, Inc. (&#8220;Lipper&#8221;), an independent provider of investment company data, which included information comparing (1) the fund&#8217;s performance with the performance of a group of comparable funds (the &#8220;Performance Group&#8221;) and with a broader group of funds (the &#8220;Performance Universe&#8221;), all for various periods ended September 30, 2011, and (2) the fund&#8217;s actual and contractual management fees and total expenses with those of a group of comparable funds (the &#8220;Expense Group&#8221;) and with a broader group of funds (the &#8220;Expense Universe&#8221;), the information for which was derived in part from fund financial statements available to Lipper as of September 30, 2011. Dreyfus previously had furnished the Board with a description of the methodology Lipper used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds.They also noted that performance generally should be considered over longer periods of time, although it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect disproportionately long-term performance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board discussed the results of the comparisons and noted that the fund&#8217;s total return performance on a net asset value basis was below the Performance Group median for various time periods, and was below the Performance Universe median for each time period except for the 2-year period where it was above the median.The Board members also noted that the fund&#8217;s total return performance on a market price basis variously was at, above, or below the Performance Group median and the Performance Universe median for the various 1-year time periods.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>42</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board also noted that the fund&#8217;s yield performance, on a net asset value basis and on a market price basis, was variously at or above the Performance Group median and the Performance Universe median for the various 1-year time periods. Dreyfus also provided a comparison of the fund&#8217;s calendar year total returns (on a net asset value basis) to the returns of the fund&#8217;s Lipper category average.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons.They noted that the fund&#8217;s contractual management fee was above the Expense Group median, the fund&#8217;s actual management fee and actual total expenses (based on net assets attributable to common and preferred shares and to common shares only) was above the Expense Group medians and the Expense Universe medians.A Dreyfus representative noted that the undertaking by Dreyfus to waive receipt of .10% of the fund&#8217;s management fee would be extended through May 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board received a presentation from the fund&#8217;s portfolio managers, who described how the dramatic changes to the municipal bond market over the prior several years, evidenced by historically high volatility and liquidity challenges, suggested an increased focus on seeking to protect against downside risk in the fund&#8217;s portfolio. The portfolio manager also discussed the strategy as implemented for the fund in 2009, quantitative risk management tools applied to overseeing the fund, the fund&#8217;s current structure to defend against interest rate volatility, and credit review policies and strategies that seek to mitigate credit risk.The portfolio managers then explained the fund&#8217;s performance in light of its duration structure, credit structure, and the market and economic environment. The Board noted the generally compressed spread among the returns of the Performance Group funds (on a net asset value basis) and the fund&#8217;s income objective and</FONT></P>

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   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>43</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="TEXT-INDENT: 16.006pt" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>MANAGEMENT AGREEMENT (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>generally more competitive yield performance results. The Board agreed to continue to closely monitor the implementation of portfolio strategy and its impact on relative total return results.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dreyfus representatives reviewed with the Board the management or investment advisory fees paid by Similar Funds, and explained the nature of the Similar Funds. Representatives of Dreyfus noted that there were no Similar Accounts.They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors.The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness and reasonableness of the fund&#8217;s management fee.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Analysis of Profitability and Economies of Scale. </FONT></U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and the resulting profitability percentage for managing the fund, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board previously had been provided with information prepared by an independent consulting firm regarding Dreyfus&#8217; approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board&#8217;s counsel stated that the Board should consider the profitability analysis (1) as part of their evaluation of whether the fees under the Agreement bear a reasonable relationship to the mix of services provided by Dreyfus, including the nature, extent and quality of such services, and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives noted that a discussion of economies of scale is predicated on a fund having achieved</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>44</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>a substantial size with increasing assets and that, if a fund&#8217;s assets had been stable or decreasing, the possibility that Dreyfus may have realized any economies of scale would be less. Dreyfus representatives also noted that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund&#8217;s asset level.The Board also considered potential benefits to Dreyfus from acting as investment adviser and noted that there were no soft dollar arrangements in effect for trading the fund&#8217;s investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.</FONT></P>

<UL>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board concluded that the nature, extent, and quality of the</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>services provided by Dreyfus are adequate and appropriate.</FONT></P>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board agreed to closely monitor performance and determined</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>to approve renewal of the Agreement only through May 31, 2012.</FONT></P>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board concluded that the fees paid to Dreyfus were reasonable</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>in light of the considerations described above.</FONT></P>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board determined that the economies of scale which may</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>accrue to Dreyfus and its affiliates in connection with the manage-</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>ment of the fund had been adequately considered by Dreyfus in</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>connection with the fee rate charged to the fund pursuant to the</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Management Agreement and that, to the extent in the future it were</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>determined that material economies of scale had not been shared</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>with the fund, the Board would seek to have those economies of</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>scale shared with the fund.</FONT></P></LI></UL>

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   <TD style="TEXT-INDENT: 16.006pt" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>MANAGEMENT AGREEMENT (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board considered these conclusions and determinations, along with information received on a routine and regular basis throughout the year. In addition, it should be noted that the Board&#8217;s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of prior or similar agreements during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board&#8217;s conclusions may be based, in part, on their consideration of the same or similar arrangements in prior years. The Board determined that renewal of the Agreement through May 31, 2012 was in the best interests of the fund and its shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>46</FONT></B></P></DIV>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>47</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>48</FONT></B></P></DIV>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>OFFICERS AND DIRECTORS</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=2>Dreyfus Strategic Municipals, Inc.</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>200 Park Avenue</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>New York, NY 10166</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>
<IMG src="smncsrx51x1.jpg" border=0> <BR>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>The Net AssetValue appears in the following publications: Barron&#8217;s, Closed-End Bond Funds section under the heading &#8220;Municipal Bond Funds&#8221; every Monday;Wall Street Journal, Mutual Funds section under the heading &#8220;Closed-End Bond Funds&#8221; every Monday.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Notice is hereby given in accordance with Section 23(c) of the Investment CompanyAct of 1940, as amended, that the fund may purchase shares of its common stock in the open market when it can do so at prices below the then current net asset value per share.</FONT></I></P>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>49</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=7>For More Information</FONT></P>
<IMG src="smncsrx52x1.jpg" border=0> <BR>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (&#8220;SEC&#8221;) for the first and third quarters of each fiscal year on Form N-Q. The fund's Forms N-Q are available on the SEC&#8217;s website at http://www.sec.gov and may be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Information regarding how the fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available on the SEC&#8217;s website at http://www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.</FONT></P>
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<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Committee Financial Expert.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Accountant Fees and Services.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Committee of Listed Registrants.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management&nbsp;Investment Companies.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Managers of Closed-End Management Investment Companies.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt 0.75in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Not applicable.&nbsp; [CLOSED END FUNDS ONLY]</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 10.&nbsp;&nbsp;&nbsp; Submission of Matters to a Vote of Security Holders.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There have been no material changes to the procedures applicable to Item 10.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 11.&nbsp;&nbsp;&nbsp; Controls and Procedures.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.</FONT></P>

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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 12.&#160;&#160;&#160; Exhibits.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)(1)&#160;&#160; Not applicable.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)(2)&#160;&#160; Certifications of principal executive and
principal financial officers as required by Rule 30a-2(a) under the Investment
Company Act of 1940.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)(3)&#160;&#160; Not applicable.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certification of principal executive and
principal financial officers as required by Rule 30a-2(b) under the Investment
Company Act of 1940.</font></p>





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<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SIGNATURES<br>
<br>
</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dreyfus Strategic
Municipals, Inc.</font></p>

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 <tr style="page-break-inside:avoid;">
  <td colspan=2 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">By:       </font><u><font face="Times New Roman" style="font-size:11.0pt;">/s/ Bradley J.
  Skapyak</font></u></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
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  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            Bradley J.
  Skapyak,</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            President</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">Date:</font></p>
  </td>
 <td valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">May 23, 2012</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" style="font-size:11.0pt;">Pursuant
  to the requirements of the Securities Exchange Act of 1934 and the Investment
  Company Act of 1940, this Report has been signed below by the following
  persons on behalf of the Registrant and in the capacities and on the dates
  indicated.</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:11.0pt;">By:       </font><u><font face="Times New Roman" style="font-size:11.0pt;">/s/ Bradley J. Skapyak</font></u></p>
  </td>
 </tr>
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  <td colspan=2 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">             Bradley J.
  Skapyak,</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            President</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
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  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:11.0pt;">Date:</font></p>
  </td>
 <td valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">May 23, 2012</font></p>
  </td>
 </tr>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">By:       </font><u><font face="Times New Roman" style="font-size:11.0pt;">/s/ James Windels</font></u></p>
  </td>
 </tr>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            James Windels,</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            Treasurer</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">Date:</font></p>
  </td>
 <td valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">May 23, 2012</font></p>
  </td>
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  <td colspan=2 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

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<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">EXHIBIT INDEX</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)(2)&#160;&#160; Certifications of principal executive and
principal financial officers as required by Rule 30a-2(a) under the Investment
Company Act of 1940.&#160; (EX-99.CERT)</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certification of principal executive and
principal financial officers as required by Rule 30a-2(b) under the Investment
Company Act of 1940.&#160; (EX-99.906CERT)</font></p>



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<p align=right style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">[EX-99.CERT]&#8212;Exhibit&#160;
(a)(2)</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 302 CERTIFICATION</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, Bradley J. Skapyak, certify
that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.&#160; I have reviewed this report on
Form N-CSR of Dreyfus Strategic Municipals, Inc.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.&#160; Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3.&#160; Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4.&#160; The
registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over
financial reporting; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5.&#160; The
registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and</font></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b) Any fraud, whether
or not material, that involves management or other employees who have a
significant role in the registrant's internal control over financial reporting.</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:191.4pt;width:298.199982pt;">
 <tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">By:       </font><u><font face="Times New Roman" style="font-size:11.0pt;">/s/ Bradley J. Skapyak</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            Bradley J.
  Skapyak,</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            President</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">Date:    May 23, 2012</font></p>
  </td>
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<p align=left style="margin-bottom:12.0pt;margin-left:228.0pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-1.0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 302 CERTIFICATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, James Windels, certify that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.&#160; I have reviewed this report on
Form N-CSR of Dreyfus Strategic Municipals, Inc.;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.&#160; Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3.&#160; Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4.&#160; The
registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over
financial reporting; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5.&#160; The
registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over
financial reporting.</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:191.4pt;width:298.199982pt;">
 <tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">By:       </font><u><font face="Times New Roman" style="font-size:11.0pt;">/s/ James
  Windels</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            James Windels,</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            Treasurer</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">Date:    May 23, 2012</font></p>
  </td>
 </tr>
</table></div>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>



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<DOCUMENT>
<TYPE>EX-99.906CERT
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<FILENAME>exhibit906853.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY SECTION 906
<TEXT>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=FR style="font-size:11.0pt;">[EX-99.906CERT]</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=FR style="font-size:11.0pt;">Exhibit (b)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=FR style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=FR style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=FR style="font-size:11.0pt;">SECTION 906
CERTIFICATIONS</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=FR style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">In connection with
this report on Form N-CSR for the Registrant as furnished to the Securities and
Exchange Commission on the date hereof (the &quot;Report&quot;), the
undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Report fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as applicable; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Registrant.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:191.4pt;width:298.199982pt;">
 <tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">By:       </font><u><font face="Times New Roman" style="font-size:11.0pt;">/s/ Bradley J.
  Skapyak</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:36.6pt;"><font face="Times New Roman" style="font-size:11.0pt;">Bradley
  J. Skapyak,</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            President</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">Date:    May 23, 2012</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:191.4pt;width:298.199982pt;">
 <tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">By:       </font><u><font face="Times New Roman" style="font-size:11.0pt;">/s/ James Windels</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">             James Windels,</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">             Treasurer</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">Date:    May 23, 2012</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">This certificate is
furnished pursuant to the requirements of Form N-CSR and shall not be deemed
&quot;filed&quot; for purposes of Section 18 of the Securities Exchange Act of
1934, or otherwise subject to the liability of that section, and shall not be
deemed to be incorporated by reference into any filing under the Securities Act
of 1933 or the Securities Exchange Act of 1934.</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
