<SEC-DOCUMENT>0000846800-12-000024.txt : 20150813
<SEC-HEADER>0000846800-12-000024.hdr.sgml : 20150813

<ACCEPTANCE-DATETIME>20121130103225

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000846800-12-000024

CONFORMED SUBMISSION TYPE:	N-CSR

PUBLIC DOCUMENT COUNT:		12

CONFORMED PERIOD OF REPORT:	20120930

FILED AS OF DATE:		20121130

DATE AS OF CHANGE:		20131114

EFFECTIVENESS DATE:		20121130


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-CSR

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-05245

		FILM NUMBER:		121233435



	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-CSR
<SEQUENCE>1
<FILENAME>form-853.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&nbsp;</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>

<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;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
  Washington, D.C.&#160; 20549</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">FORM N-CSR</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">CERTIFIED SHAREHOLDER
REPORT OF REGISTERED MANAGEMENT<br>
INVESTMENT COMPANIES</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:638.000000pt;">
 <tr>
  <td colspan=3 valign=top width=42% 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;">Investment Company Act file
  number</font></p>
  </td>
 <td colspan=4 valign=top width=58% 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;">811- 5245</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=42% 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>
 <td colspan=4 valign=top width=58% 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>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% 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>
 <td colspan=5 valign=top width=84% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:11.0pt;">DREYFUS STRATEGIC MUNICIPALS, INC.</font></b></p>
  </td>
 <td valign=top width=8% 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>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% 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>
 <td colspan=5 valign=top width=84% 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;">(Exact name of Registrant as specified in charter)</font></p>
  </td>
 <td valign=top width=8% 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>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% 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>
 <td colspan=5 valign=top width=84% 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>
 <td valign=top width=8% 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>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% 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>
 <td colspan=5 valign=top width=84% 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>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">c/o The Dreyfus Corporation</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">200 Park Avenue</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">New York, New York  10166</font></p>
  </td>
 <td valign=top width=8% 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>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% 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>
 <td colspan=5 valign=top width=84% 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;">(Address of principal executive offices)        (Zip
  code)</font></p>
  </td>
 <td valign=top width=8% 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>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% 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>
 <td colspan=5 valign=top width=84% 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>
 <td valign=top width=8% 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>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% 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>
 <td colspan=5 valign=top width=84% 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;">Janette E. Farragher, Esq.</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">200 Park Avenue</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">New York, New York  10166</font></p>
  </td>
 <td valign=top width=8% 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>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% 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>
 <td colspan=5 valign=top width=84% 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;">(Name and address of agent for service)</font></p>
  </td>
 <td valign=top width=8% 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>
<tr style="page-break-inside:avoid;">
  <td colspan=7 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>
<tr style="page-break-inside:avoid;">
  <td colspan=4 valign=top width=55% 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;">Registrant's telephone
  number, including area code:  </font></p>
  </td>
 <td colspan=3 valign=top width=45% 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;">(212) 922-6000</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=5 valign=top width=58% 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>
 <td colspan=2 width=42% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p></td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=2 valign=top width=28% 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 of fiscal year end:</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=30% 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;">9/30</font></p>
  </td>
 <td colspan=2 width=42% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p></td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=2 valign=top width=28% 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 of reporting period:</font></p>
  </td>
 <td colspan=3 valign=top width=30% 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;">09/30/12</font></p>
  </td>
 <td colspan=2 width=42% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p></td>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>









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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to Stockholders.</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">-</FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT></FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">2</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">-</FONT></FONT><FONT>&nbsp;</FONT></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>

<TR vAlign=bottom>

   <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>

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

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>ANNUAL REPORT </FONT></B><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=2>September 30, 2012</FONT></P>
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<P style="TEXT-ALIGN: center"><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=3>Dreyfus Strategic Municipals, Inc.</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Protecting Your Privacy</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Our Pledge to You</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>THE FUND IS COMMITTED TO YOUR PRIVACY. </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>On this page, you will find the Fund&#8217;s policies and practices for collecting, disclosing, and safeguarding &#8220;nonpublic personal information,&#8221; 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&#8217;s consumer privacy policy, and may be amended at any time. We&#8217;ll keep you informed of changes as required by law.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT. </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Fund maintains physical, electronic and procedural safeguards that comply with federal regulations to guard nonpublic personal information. The Fund&#8217;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 face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>THE FUND COLLECTS INFORMATION IN ORDER TO SERVICE AND ADMINISTER YOUR ACCOUNT.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Fund collects a variety of nonpublic personal information, which may include:</FONT></P>

<UL>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Information we receive from you, such as your name, address, and</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>social security number.</FONT></P>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Information about your transactions with us, such as the purchase</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>or sale of Fund shares.</FONT></P>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Information we receive from agents and service providers, such</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>as proxy voting information.</FONT></P></LI></UL>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>THE FUND DOES NOT SHARE NONPUBLIC</FONT></B><BR><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>PERSONAL INFORMATION WITH ANYONE, EXCEPT</FONT></B><BR><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>AS PERMITTED BY LAW.</FONT></B><BR><BR><B><I><FONT face="Bembo-BoldItalic,Times New Roman,Times,serif" color=#141414 size=2>Thank you for this opportunity to serve you.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>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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   <TD align=left bgColor=#e8e8e8><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Not FDIC-Insured &#8226; Not Bank-Guaranteed &#8226; May Lose Value</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <P align=justify><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=7>Contents</FONT></P></TD></TR>

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   <TD width="10%">&nbsp;</TD>

   <TD width="90%">

   <P align=justify><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>THE FUND</FONT></P></TD></TR>

<TR>

   <TD vAlign=top noWrap align=right width="2%"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>2</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%">

   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>A Letter from the Chairman and CEO</FONT></P></TD></TR>

<TR>

   <TD vAlign=top noWrap align=right width="2%"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>3</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%">

   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Discussion of Fund Performance</FONT></P></TD></TR>

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   <TD vAlign=top noWrap align=right width="2%"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>6</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Selected Information</FONT></P></TD></TR>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Statement of Investments</FONT></P></TD></TR>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Statement of Assets and Liabilities</FONT></P></TD></TR>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Statement of Operations</FONT></P></TD></TR>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Statement of Cash Flows</FONT></P></TD></TR>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Statement of Changes in Net Assets</FONT></P></TD></TR>

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   <TD vAlign=top noWrap align=right width="2%"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>31</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%">

   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Financial Highlights</FONT></P></TD></TR>

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   <TD vAlign=top noWrap align=right width="2%"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>33</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Notes to Financial Statements</FONT></P></TD></TR>

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   <TD vAlign=top noWrap align=right width="2%"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>45</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Report of Independent Registered Public Accounting Firm</FONT></P></TD></TR>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Additional Information</FONT></P></TD></TR>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Important Tax Information</FONT></P></TD></TR>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Proxy Results</FONT></P></TD></TR>

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   <TD vAlign=top noWrap align=right width="2%"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>51</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Board Members Information</FONT></P></TD></TR>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Officers of the Fund</FONT></P></TD></TR>

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   <TD vAlign=top noWrap align=right width="2%"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>57</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Officers and Directors</FONT></P></TD></TR>

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   <TD width="10%">&nbsp;</TD>

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   <P align=justify><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>FOR MORE INFORMATION</FONT></P></TD></TR>

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   <TD width="10%">&nbsp;</TD>

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   <P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Back Cover</FONT></P></TD></TR></TABLE></DIV>

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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>

<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>
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<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 annual report for Dreyfus Strategic Municipals, Inc. covers the 12-month period from October 1, 2011, through September 30, 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The municipal bond market exhibited heightened volatility over the past year as prices rose and fell according to supply-and-demand factors and investors&#8217; changing expectations of global and domestic economic conditions.While monthly variations in economic data have been pronounced, the longer-term pace of U.S. economic growth has been relatively consistent at about half the average rate achieved in prior recoveries. Even U.S. employment numbers, which have been volatile over short periods, averaged approximately 150,000 new jobs a month so far in 2012, roughly unchanged from the monthly average in 2011.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The sustained but subpar U.S. expansion appears likely to continue over the foreseeable future. On one hand, the economy has responded to a variety of stimulative measures, most notably an aggressively accommodative monetary policy. On the other hand, the prospect of automatic spending cuts and tax hikes scheduled for the end of 2012 has weighed on economic growth by contributing to a temporary postponement of spending decisions among consumers and businesses. Indeed, the ability of the U.S. political system to address both this &#8220;fiscal cliff&#8221; and long-term deficit reduction could go a long way toward shaping the 2013 market environment. As always, we urge you to speak regularly with your financial advisor to discuss how changing economic conditions 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>October 15, 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 September 30, 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 12-month period ended September 30, 2012, Dreyfus Strategic Municipals, Inc. achieved a total return of 18.18% 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 $0.59 per share, which reflects a distribution rate of 5.87%.</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 dynamics supported municipal bond prices over the reporting period.The fund particularly benefited from its focus on longer-term maturities and an emphasis on revenue-backed bonds over their general obligation counterparts.</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.We actively trade among various sectors, such as escrowed, general obligation and revenue, based on their apparent relative values.</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=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Supply-and-Demand Dynamics Supported Municipal Bonds</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Although macroeconomic concerns in the fall of 2011 and the spring of 2012 sparked heightened volatility in most financial markets, municipal bonds generally remained strong during the reporting period, in part due to falling long-term interest rates stemming from quantitative easing and other stimulative measures by the Federal Reserve Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Municipal bond prices also responded positively to robust demand as investors sought competitive levels of after-tax income in a low interest-rate environment. Meanwhile, new issuance volumes remained relatively low when political pressure led to less borrowing for capital projects, and municipalities primarily issued new bonds to refinance older debt, resulting in a net decrease in the supply of tax-exempt securities. In this constructive environment, lower-rated and longer maturity municipal bonds that had been punished earlier in 2011 led the market higher, while highly rated and shorter-term securities generally lagged market averages.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>From a credit-quality perspective, a number of state governments have taken the difficult steps necessary to reduce or eliminate budget deficits, and a few have achieved surpluses. Although the market encountered scattered credit defaults in some localities during the reporting period, we believe they are isolated cases in which the problems leading to insolvency are specific to each issuer.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Lower-Rated Municipal Bonds Buoyed Relative Performance</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund benefited from overweighted exposure to bonds with credit ratings below investment grade, which performed better than market averages during the reporting period. Moreover, we maintained a focus on higher yielding revenue-backed municipal bonds and a corresponding de-emphasis on lower yielding general obligation bonds. The fund received especially robust contributions to relative performance from overweighted exposure to municipal bonds backed by revenues from hospitals, industrial development projects, and the states&#8217; settlement of litigation with U.S. tobacco companies.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund&#8217;s performance also was helped by a relatively long duration posture as we favored long-term municipal bonds at a time when yields fell at the longer end of the market&#8217;s maturity spectrum. Finally, our leveraging strategy proved effective in the rallying market, enhancing the fund&#8217;s total return.</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>Disappointments during the reporting period were relatively limited, concentrated mainly among higher quality, lower yielding market segments, such as higher-rated securities backed by revenues from essential municipal services. In addition, municipal bonds from Puerto Rico, which are exempt from federal and all state income taxes, lost a degree of value due to intensifying concerns regarding the long-term solvency of the U.S. territory&#8217;s pension system.</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>We have been encouraged by recently improved data, but the U.S. economy remains vulnerable to unexpected shocks and uncertainty regarding future fiscal policies. In addition, higher yielding and longer-maturity bonds have become more richly valued after recent rallies. Consequently, while we have continued to favor revenue-backed municipal bonds over their general obligation counterparts, we remain watchful for opportunities to capture better relative values, and we are prepared to adjust the fund&#8217;s strategies accordingly.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>October 15, 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 align=center><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>1 Total return includes reinvestment of dividends and any capital gains paid, based upon net asset value per share. Past</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>performance is no guarantee of future results. Market price per share, net asset value per share and investment return</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>fluctuate. Income may be subject to state and local taxes, and some income may be subject to the federal alternative</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>minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable. Return figure provided reflects the</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>absorption of certain fund expenses by The Dreyfus Corporation pursuant to an agreement in effect until May 31,</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>2013, at which time it may be extended, modified or terminated. Had these expenses not been absorbed, the fund&#8217;s</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>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 Distribution rate per share is based upon dividends per share paid from net investment income during the period,</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>divided by the market price per share at the end of the period, 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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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>SELECTED INFORMATION</FONT><BR><BR><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>September 30, 2012 (Unaudited)</FONT></P>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Market Price per share September 30, 2012</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.02</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Shares Outstanding September 30, 2012</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>61,677,040</FONT>&nbsp;</TD></TR>

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

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

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   <TD align=left bgColor=#e8e8e8 colSpan=7><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>MARKET PRICE (NEW YORK STOCK EXCHANGE)</FONT></B>&nbsp;</TD>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8 colSpan=3><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Fiscal Year Ended September 30, 2012</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

   <TD style="TEXT-INDENT: 24.627pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ended</FONT></B>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>December 31, 2011</FONT></B>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>March 31, 2012</FONT></B>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>June 30, 2012</FONT></B>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>September 30, 2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.121pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>High</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.90</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.30</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.59</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.02</FONT>&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>Low</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.29</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.65</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.03</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.29</FONT>&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>Close</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.89</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.12</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.40</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.02</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

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

   <TD width="26%"></TD>

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

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8 colSpan=3><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>PERCENTAGE GAIN (LOSS) </FONT></B><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=2>based on change in Market Price*</FONT></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>September 23, 1987 (commencement of operations)</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>479.65</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>%</FONT>&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>October 1, 2002 through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>93.40</FONT></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>October 1, 2007 through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>61.13</FONT></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>October 1, 2011 through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>25.98</FONT></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>January 1, 2012 through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>18.36</FONT></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>April 1, 2012 through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>13.47</FONT></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>July 1, 2012 through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.31</FONT></TD>

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

<TR>

   <TD bgColor=#e8e8e8 colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>NET ASSET VALUE PER SHARE</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</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>September 23, 1987 (commencement of operations)</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.32</FONT></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>September 30, 2011</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.41</FONT></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>December 31, 2011</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.55</FONT></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>March 31, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.81</FONT></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>June 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.99</FONT></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>September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.31</FONT></TD>

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

<TR>

   <TD bgColor=#e8e8e8 colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8 colSpan=3><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>PERCENTAGE GAIN (LOSS) </FONT></B><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=2>based on change in Net Asset Value*</FONT></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>September 23, 1987 (commencement of operations)</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>477.20</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>%</FONT>&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>October 1, 2002 through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>93.68</FONT></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>October 1, 2007 through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>43.47</FONT></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>October 1, 2011 through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>18.18</FONT></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>January 1, 2012 through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>14.23</FONT></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>April 1, 2012 through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.03</FONT></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>July 1, 2012 through September 30, 2012</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.11</FONT></TD>

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

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="8%"></TD>

   <TD width="91%"></TD></TR>

<TR vAlign=bottom>

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

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>With dividends reinvested.</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>6</FONT></B></P></DIV>

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



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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>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>September 30, 2012</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;148.1%</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;.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>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: 8.008pt" 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>5.25</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,020,000</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>2,021,151</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>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: 8.008pt" 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>1,966,900</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>Alaska&#8212;1.7%</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>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: 8.008pt" 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>12,190,000</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>9,885,968</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;6.5%</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>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: 8.008pt" 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>4,200,560</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>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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SFMR (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>

   <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>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>

   <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: 8.007pt" 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>4,115,000</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>4,422,061</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: 8pt" 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: 8.008pt" 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>19,750,884</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>5,297,100</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: 8.008pt" 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>3,264,529</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>550,145</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;17.9%</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 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 (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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Department of Airports,</FONT>&nbsp;</TD>

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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 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: 8.008pt" 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>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>6,080,465</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>



<!--$$/page=--><A name="page_12"></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=1>STATEMENT OF INVESTMENTS </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="12%"></TD>

   <TD width="18%"></TD>

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

   <TD width="14%"></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></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></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>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></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>12,856,860</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></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>12,501,300</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>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></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>9,160,575</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 State Public Works</FONT>&nbsp;</TD>

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

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

   <TD align=left bgColor=#e8e8e8>&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>Board, LR (The Regents 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>the University of 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>(Various 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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California Projects)</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>4/1/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,495,000</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>3,865,225</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></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>2,274,463</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></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>255,253</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>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, 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: 8.007pt" 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: 8.007pt" 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: 8.007pt" 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></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>2,157,020</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: 8.005pt" 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: 8.007pt" 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</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></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>1,752,500</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>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: 8.005pt" 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: 8.007pt" 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</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(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>7,000,000</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>7,357,280</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>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: 8.007pt" 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: 8.007pt" 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>(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></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>11,893,255</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Los Angeles Department 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>Water 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>Water 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>7/1/43</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>5,815,050</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>

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



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<TR>

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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>

   <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>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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Airport System 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>and Passenger 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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Charges 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></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>7,247,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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></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>2,479,100</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 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: 8.009pt" 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>2,887,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sonoma-Marin Area Rail 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>District, Measure Q Sales</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tax 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>3/1/27</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,000,000</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>4,818,240</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, 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: 8.008pt" 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=left bgColor=#e8e8e8>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8>&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>(San Diego 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: 8.008pt" 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>5,866,572</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>4,194,820</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;2.8%</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>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>2,026,140</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: 8.008pt" 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>4,327,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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: 8.008pt" 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>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>6,575,460</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 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: 8.009pt" 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: 8.008pt" 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>795,000</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>850,062</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: 8.008pt" 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>2,292,000</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 </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="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>Delaware&#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>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></TR>

<TR 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 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>(Indian River 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>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,481,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Florida&#8212;6.5%</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>Citizens Property Insurance</FONT>&nbsp;</TD>

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

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

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

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

<TR 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, Personal Lines</FONT>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Lines Account 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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Secured 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>6/1/22</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,465,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,377,710</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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></TR>

<TR 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>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,726,350</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 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: 8.007pt" 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>9,968,320</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: 8.007pt" 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>7,664,160</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: 8.007pt" 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>7,281,300</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;7.1%</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></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: 8.007pt" 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>5,650,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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: 8.007pt" 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>7,424,940</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: 8.007pt" 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: 8.007pt" 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>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>4,000,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,591,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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 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>Housing 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></TR>

<TR vAlign=bottom>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Inc.) (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>4,688,897</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>9,027,667</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>

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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 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>Georgia (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>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</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>(Georgia Tech North</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>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>2,479,883</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>6,663,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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: 8.008pt" 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: 8.008pt" 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>4,961,710</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: 8.008pt" 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>5,008,850</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;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></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: 8.008pt" 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: 8.008pt" 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>5.63</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>5,895,450</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>4,057,130</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: 8.008pt" 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: 8.008pt" 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>8,836,575</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: 8.008pt" 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>4,721,080</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;2.4%</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></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Indiana 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: 8.009pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Educational 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></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>(Butler University 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>2/1/32</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,110,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,278,990</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 </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

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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>

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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>

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   <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>

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

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

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   <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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Midwestern Disaster Relief</FONT>&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>Revenue (Ohio Valley Electric</FONT>&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>Corporation 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>6/1/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&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>5,238,000</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>Indiana Finance Authority,</FONT>&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>Revenue (Marquette 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>3/1/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,400,000</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>1,441,846</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>Indianapolis Local Public</FONT>&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>

   <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>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>

   <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>(Indianapolis Airport Authority</FONT>&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: 8.007pt" 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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,710,510</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>Iowa&#8212;.3%</FONT></B>&nbsp;</TD>

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

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   <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>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>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,866,800</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>Kansas&#8212;.2%</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>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: 8.007pt" 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>

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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>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>

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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>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>1,040,000</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>1,097,418</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>Kentucky&#8212;.5%</FONT></B>&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>

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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 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>

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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>Saint Mary&#8217;s HealthCare, 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>

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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>Project) (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>2/1/18</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><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>2,934,593</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Louisiana&#8212;2.2%</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>

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   <TD style="TEXT-INDENT: 0pt" 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: 7.997pt" 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: 8.007pt" 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>3,556,530</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" 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>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>1,192,107</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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Environmental Facilities 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 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, Revenue (Westlake</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Chemical 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>7,902,580</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 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>

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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=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>Maine&#8212;.7%</FONT></B>&nbsp;</TD>

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

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   <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>

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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 (MaineGeneral</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Medical 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>3,757,770</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>

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   <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: 8.007pt" 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>3,570,561</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: 8.007pt" 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: 8.007pt" 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>3,127,530</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;9.7%</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>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 (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: 8.008pt" 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: 8.008pt" 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>(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>15,255,320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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>10,431,714</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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 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>Finance Agency, 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>(Harvard 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>12,214,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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>5,660,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>6,440,830</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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>6,029,400</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>



<!--$$/page=--><A name="page_18"></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=1>STATEMENT OF INVESTMENTS </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="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></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=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 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></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>2,382,062</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></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>3,006,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>7.50</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></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>7,192,431</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>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>3,186,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR 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&#8212;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: 8.007pt" 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>4,041,140</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>Detroit Water and Sewerage</FONT>&nbsp;</TD>

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>Department, Senior Lien Sewage</FONT>&nbsp;</TD>

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>Disposal System 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>7/1/39</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>2,144,220</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: 8.007pt" 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>3,072,808</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>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: 8.007pt" 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: 8.007pt" 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>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>5,772,550</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: 8.007pt" 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>3,010,590</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: 8.007pt" 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>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>10,399,584</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</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 Authority, 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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(William Beaumont 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>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>7,106,715</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>

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



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<TR>

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<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>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>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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" 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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" 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></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></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>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,519,295</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&#8212;2.1%</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></TR>

<TR vAlign=bottom>

   <TD 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></TR>

<TR 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, 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></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></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></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>1,006,041</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,042,027</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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></TR>

<TR 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, 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></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></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></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>1,095,040</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,167,138</FONT>&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></TR>

<TR 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></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>(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></TR>

<TR 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>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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,212,950</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></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>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></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 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>(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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,480,498</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;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></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></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, 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></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>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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,338,861</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></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 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></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>(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></TR>

<TR 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,981,600</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;.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></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></TR>

<TR 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></TR>

<TR 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></TR>

<TR 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,058,520</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 </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 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>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>

   <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>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: 8.007pt" 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: 8.007pt" 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>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>&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>5,628,550</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>

   <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 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: 8.007pt" 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>&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>5,002,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New Jersey&#8212;4.3%</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>New Jersey 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, Cigarette 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>Revenue (Prerefunded)</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>6/15/14</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><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>6,014,910</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>New Jersey 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, Special 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 (Continental</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Airlines, Inc. Project)</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>9/15/23</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>3,058,980</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 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 (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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Assured Guaranty 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>&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>5,600,300</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>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</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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>2,455,000</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>2,370,008</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>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</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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>&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>4,594,260</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>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: 8.007pt" 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>6/1/13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,140,000</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>3,284,220</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: 7.999pt" 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: 8.007pt" 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>&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>7,831,810</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 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>

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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=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>

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

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

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   <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>

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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>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>

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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>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>

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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>(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>

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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>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>570,000</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>608,361</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New York&#8212;11.4%</FONT></B>&nbsp;</TD>

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

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

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   <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>

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   <TD style="TEXT-INDENT: 8pt" 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: 8.008pt" 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: 8.008pt" 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>

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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>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>22,694,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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 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>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: 8.008pt" 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>6,307,700</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>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 (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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Transitional 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>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: 8.008pt" 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>6,125,900</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>Metropolitan 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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Transportation 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>11/1/28</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>2,962,425</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: 8.008pt" 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>5,781,234</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: 8.008pt" 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: 8.008pt" 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: 8.008pt" 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: 8.008pt" 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>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>6,146,600</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>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: 8.008pt" 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: 8.008pt" 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>11,568,000</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>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: 8.008pt" 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: 8.008pt" 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: 8.008pt" 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>1,799,070</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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<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 </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="41%"></TD>

   <TD width="10%"></TD>

   <TD width="13%"></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=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>New York (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>Port Authority of New York 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>New Jersey, Special 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>Bonds (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>2,348,340</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&#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>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>2,486,940</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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>1,861,482</FONT>&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>3,894,275</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 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>School Facilities Construction</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 Improvement and Advance</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Refunding Bonds (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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Insured; National 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>2,052,764</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 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>School Facilities 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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Improvement 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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Bonds (GO&#8212;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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>National 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>12/1/31</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>1,852,403</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: 8.007pt" 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: 8.007pt" 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: 8.007pt" 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>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>2,214,431</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: 8.007pt" 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: 8.007pt" 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: 8.007pt" 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: 8.007pt" 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>2,546,880</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: 8.007pt" 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: 8.007pt" 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>1,500,000</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>1,505,385</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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<TR>

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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>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 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: 8.007pt" 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>5,132,250</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>

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   <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: 8.007pt" 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>3,494,469</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Pennsylvania&#8212;1.3%</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>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>3,382,230</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: 8.008pt" 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>4,349,709</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>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 style="TEXT-INDENT: 0pt" 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: 8.008pt" 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: 8.008pt" 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: 8.008pt" 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: 8.008pt" 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: 8.008pt" 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>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>6,073,800</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>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 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 (Columbia, Waterworks</FONT>&nbsp;</TD>

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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 Sewer 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>11,525,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>11,905,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tennessee&#8212;3.4%</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>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>11,108,800</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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<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 </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="18%"></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>Tennessee (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>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</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(The 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></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>8,364,720</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&#8212;12.8%</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 (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: 8.007pt" 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: 8.007pt" 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></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>9,552,007</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>Clifton Higher Education 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, 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>(Uplift Education)</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>12/1/30</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>2,885,125</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>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>

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

<TR vAlign=bottom>

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

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

<TR 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>11/1/42</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>3,785,250</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>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>

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

<TR vAlign=bottom>

   <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>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" 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: 8.007pt" 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>1,240,000</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>1,240,521</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>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: 8.007pt" 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>11,603,200</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>Gulf Coast 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, SWDR (CITGO</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/1/25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,000,000</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>1,007,170</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>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: 8.007pt" 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>2,511,040</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>Houston,</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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>

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

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

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

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

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

<TR 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>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>6,081,750</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>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>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: 8.007pt" 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>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>11,898,251</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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   <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>

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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=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>

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

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

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

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   <TD style="TEXT-INDENT: 0pt" 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=right bgColor=#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: 8.008pt" 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>&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>6,076,785</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>Pasadena Independent School</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8>&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>District, Unlimited Tax</FONT>&nbsp;</TD>

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

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

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

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

   <TD align=left bgColor=#e8e8e8>&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>(Permanent School Fund</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 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>&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>3,860,165</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>Sam Rayburn Municipal Power</FONT>&nbsp;</TD>

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

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

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

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

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

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

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

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

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

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

<TR 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>&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>6,002,760</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 Department of Housing</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 Community Affairs,</FONT>&nbsp;</TD>

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>Home Mortgage Revenue</FONT>&nbsp;</TD>

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

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

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

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

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

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

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

<TR 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>450,000</FONT>&nbsp;</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>473,202</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=right bgColor=#e8e8e8>&nbsp;</TD>

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

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>&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>7,158,433</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;4.7%</FONT></B>&nbsp;</TD>

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

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

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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 (Virginia Small</FONT>&nbsp;</TD>

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>Business Financing Authority,</FONT>&nbsp;</TD>

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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 Care Facilities Revenue</FONT>&nbsp;</TD>

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>(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>11,087,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>Transportation Board,</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Projects 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>5/15/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,565,000</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>10,881,490</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>Transportation Board,</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Projects 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>5/15/22</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,840,000</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>4,917,658</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=right bgColor=#e8e8e8>&nbsp;</TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR 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>11,809,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

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

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

<TR 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>4,738,676</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>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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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS </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="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>Washington (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>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></TR>

<TR 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></TR>

<TR 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></TR>

<TR 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,009,930</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

<TR 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: 8.007pt" 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></TR>

<TR 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,261,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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></TR>

<TR vAlign=bottom>

   <TD 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></TR>

<TR 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></TR>

<TR 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></TR>

<TR 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,106,880</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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></TR>

<TR 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></TR>

<TR 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,282,153</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&#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></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Public 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></TR>

<TR 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 Airport 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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (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></TR>

<TR vAlign=bottom>

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

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

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

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

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

<TR 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>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/42</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>4,030,440</FONT>&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: 8.007pt" 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>2,033,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

<TR 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></TR>

<TR 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>5.50</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>2,646,740</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</FONT>&nbsp;</TD>

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

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

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

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

<TR 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></TR>

<TR 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>5.38</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>3,021,150</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>22</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>U.S. Related&#8212;7.3%</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>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>2,252,820</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: 8.008pt" 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>1,212,030</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>2,113,620</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>7,447,350</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>2,107,060</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>1,702,639</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>2,707,679</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>2,519,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>5,349,150</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>2,661,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>12,217,920</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 $763,286,528)</FONT>&nbsp;</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>849,954,673</FONT></B>&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="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 </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="10%"></TD>

   <TD width="11%"></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=center 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;.7%</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=center 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>New York;</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>10/1/12</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>700,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;<SUP><FONT face=Arial color=#141414 size=1>g</FONT></SUP>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8></TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>700,000</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>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>0.19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/12</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>&nbsp;<SUP><FONT face=Arial color=#141414 size=1>g</FONT></SUP></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>500,000</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>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>0.19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/12</FONT>&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;<SUP><FONT face=Arial color=#141414 size=1>g</FONT></SUP>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8></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><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>0.19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/12</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;<SUP><FONT face=Arial color=#141414 size=1>g</FONT></SUP></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>2,500,000</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 $3,800,000)</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>3,800,000</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 $767,086,528)</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>148.8</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>853,754,673</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&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>(11.5</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>(66,095,749</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 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>(37.3</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>573,908,924</FONT></B></TD>

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

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<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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   <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 pursuant to Rule 144A under the Securities Act of 1933.These securities may be</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>resold in transactions exempt from registration, normally to qualified institutional buyers.At September 30, 2012,</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>these securities were valued at $176,505,331 or 30.8% 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>September 30, 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 September 30, 2012. Maturity date represents</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 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>24</FONT></B></P></DIV>

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   <TD style="TEXT-INDENT: 0pt" 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: 0pt" 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: 0.083pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Association of Bay Area</FONT>&nbsp;</TD>

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

   <TD align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>American Capital Access</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 9.581pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Governments</FONT>&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><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>AGC</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>ACE Guaranty Corporation</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" 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: 0pt" 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 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: 0.082pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>American Municipal Bond</FONT>&nbsp;</TD>

   <TD 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: 0pt" 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: 9.581pt" 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: 9.371pt" 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 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: 0.082pt" 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: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>BPA</FONT></B>&nbsp;</TD>

   <TD 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 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: 0.082pt" 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: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>COP</FONT></B>&nbsp;</TD>

   <TD 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 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: 0.082pt" 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: 0pt" 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: 0pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Derivative Inverse</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: 8.994pt" 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: 0pt" 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: 0.083pt" 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: 0.001pt" 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: 0pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Environmental Improvement</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 9.582pt" 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: 9.053pt" 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: 0pt" 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: 0.083pt" 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: 0.001pt" 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: 0pt" 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: 9.585pt" 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: 9.23pt" 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: 0pt" 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: 0.083pt" 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: 0pt" 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: 0pt" 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: 9.582pt" 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: 9.1pt" 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: 0pt" 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: 0.083pt" 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: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GAN</FONT></B>&nbsp;</TD>

   <TD 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: 9.581pt" 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 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: 0.084pt" 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: 0pt" 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: 0pt" 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: 9.582pt" 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: 9.03pt" 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: 0pt" 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: 0.085pt" 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: 0.001pt" 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: 0pt" 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: 0pt" 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: 0.085pt" 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: 0.001pt" 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: 0pt" 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: 0pt" 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: 0.083pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Industrial Development</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>LIFERS</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>Long Inverse Floating</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 9.583pt" 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: 9.052pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>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>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>

   <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></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>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>

   <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: 0.002pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Municipal Exempt Receipt</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: 8.917pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Liquidity Option Tender</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>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 Revenue</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>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></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>PCR</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>Pollution Control 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>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></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>P-FLOATS</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>Puttable Floating Option</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>PUTTERS</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>Puttable Tax-Exempt Receipts</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 9.584pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Tax-Exempt Receipts</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: 0.002pt" 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: 0.085pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue Anticipation Certificates</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>RAN</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>Revenue Anticipation Notes</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>RAW</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>Revenue Anticipation Warrants</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>ROCS</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>Reset Options Certificates</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" 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: 0.085pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Resources Recovery 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>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></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>SBPA</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>Standby Bond Purchase Agreement</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" 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: 0.002pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Single Family Housing Revenue</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>SFMR</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>Single Family Mortgage Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" 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: 0pt" 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></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>SPEARS</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>Short Puttable Exempt</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" 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: 0pt" 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 align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.582pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Adjustable Receipts</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: 0pt" 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: 0.083pt" 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: 0.001pt" 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: 0pt" 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: 0pt" 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: 0.083pt" 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: 0pt" 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: 0pt" 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>

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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>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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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS </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=left 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.3</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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>31.2</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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>26.6</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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>20.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3.2</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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.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>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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.7</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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>100.0</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="99%"></TD></TR>

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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>

<TR vAlign=bottom>

   <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>

<TR vAlign=bottom>

   <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>26</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>September 30, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

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

   <TD width="15%"></TD>

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

<TR vAlign=bottom>

   <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=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 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=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>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>767,086,528</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>853,754,673</FONT></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>Interest receivable</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>13,173,920</FONT></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>Prepaid expenses</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>45,680</FONT></TD>

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

<TR vAlign=bottom>

   <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>866,974,273</FONT></B></TD>

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

<TR vAlign=bottom>

   <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=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>Due to The Dreyfus Corporation and affiliates&#8212;Note 2(b)</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>427,849</FONT></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>Cash overdraft due to Custodian</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>2,666,508</FONT></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>Payable for floating rate notes issued&#8212;Note 3</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>74,886,216</FONT></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>Payable for investment securities purchased</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>1,000,000</FONT></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>Interest and expense payable related 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></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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>180,802</FONT></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>Commissions payable&#8212;Note 1</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>28,637</FONT></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>Dividends payable to Preferred Shareholders</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>8,000</FONT></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>Accrued expenses</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>117,337</FONT></TD>

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

<TR vAlign=bottom>

   <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>79,315,349</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&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>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 $.001</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: 7.997pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>per share (8,550 shares issued and outstanding at $25,000</FONT>&nbsp;</TD>

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></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>per share liquidation preference)&#8212;Note 1</FONT>&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>&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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>573,908,924</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&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=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>Common Stock, par value, $.001 per share</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>(61,677,040 shares issued and outstanding)</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>61,677</FONT></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>Paid-in capital</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>534,305,463</FONT></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>Accumulated undistributed investment income&#8212;net</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>8,181,431</FONT></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>Accumulated net realized gain (loss) on investments</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>(55,307,792</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT 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=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>(depreciation) on investments</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>86,668,145</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>573,908,924</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&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=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>(500 million shares authorized)</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>61,677,040</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.31</FONT></B></TD>

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

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

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<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>

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   <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>Year Ended September 30, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

   <TD align=left bgColor=#e8e8e8>&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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>42,094,759</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&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=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>Management fee&#8212;Note 2(a)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,676,353</FONT></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>Interest and expense related to floating rate notes issued&#8212;Note 3</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>541,347</FONT></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>Commission fees&#8212;Note 1</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>359,520</FONT></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>Directors&#8217; fees and expenses&#8212;Note 2(c)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>96,156</FONT></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>Shareholders&#8217; reports</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>91,314</FONT></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>Professional fees</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>77,413</FONT></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>Shareholder servicing costs&#8212;Note 2(b)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>66,787</FONT></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>Custodian fees&#8212;Note 2(b)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>56,194</FONT></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>Registration fees</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>46,079</FONT></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>Miscellaneous</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>69,895</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,081,058</FONT></B></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>Less&#8212;reduction in expenses due to undertaking&#8212;Note 2(a)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(756,847</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT 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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,324,211</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>35,770,548</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&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=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>Net realized gain (loss) on investments</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,151,322</FONT></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>Net realized gain (loss) on swap transactions</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>42,976</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&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 Gain (Loss)</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,194,298</FONT></B></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>Net unrealized appreciation (depreciation) on investments</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>50,706,581</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>55,900,879</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(517,363</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 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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>91,154,064</FONT></B></TD>

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

   <TD align=left>&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>



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<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>Year Ended September 30, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="59%"></TD>

   <TD width="17%"></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=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>Interest received</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>43,841,427</FONT></TD>

   <TD align=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>Operating expenses paid</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(5,846,335</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&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>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>(513,736</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&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>Purchases of portfolio securities</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(147,875,234</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&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>Net sales 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>735,000</FONT></TD>

   <TD align=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>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>143,126,941</FONT></TD>

   <TD align=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>Net proceeds from swap transactions</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>42,976</FONT></TD>

   <TD align=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>&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>33,511,039</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&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=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>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>(32,643,983</FONT></TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(540,660</FONT></TD>

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

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(33,184,643</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 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>326,396</FONT></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>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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(2,992,904</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT 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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(2,666,508</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 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=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><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=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><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=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>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=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>Shareholders Resulting From Operations</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>91,154,064</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&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>Adjustments to reconcile net increase in net assets applicable to</FONT></B></TD>

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

   <TD align=left bgColor=#e8e8e8>&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=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>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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(8,219,316</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>506,101</FONT></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>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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(1,451,400</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>589,774</FONT></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>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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(44,178</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT 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>Increase in prepaid expenses</FONT>&nbsp;</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>(8,037</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT 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 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(11,256</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT 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>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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,627</FONT></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>Interest and expenses 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>541,347</FONT></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>Net unrealized appreciation on investments</FONT>&nbsp;</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>(50,706,581</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,156,894</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>33,511,039</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&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 of cash flow information ($):</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>Non-cash financing activities:</FONT>&nbsp;</TD>

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

   <TD align=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>Reinvestment of dividends</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>3,502,182</FONT></B></TD>

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

<TR>

   <TD colSpan=5>&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=left>&nbsp;</TD>

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

   <TD align=left>&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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<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="49%"></TD>

   <TD width="23%"></TD>

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

   <TD width="19%"></TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8 colSpan=3><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Year Ended September 30,</FONT></TD>

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

<TR vAlign=bottom>

   <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>2012</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></TD>

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

   <TD align=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>Investment income&#8212;net</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>35,770,548</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>36,731,618</FONT></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>Net realized gain (loss) on investments</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,194,298</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>(10,313,792</FONT></TD>

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>(depreciation) on investments</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>50,706,581</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>(4,208,833</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT 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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(517,363</FONT></TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(751,790</FONT></TD>

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

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

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

   <TD align=left bgColor=#e8e8e8>&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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>91,154,064</FONT></B></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>21,457,203</FONT></B></TD>

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

   <TD align=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><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investment income&#8212;net</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(36,146,165</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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(35,988,735</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 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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=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><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends reinvested</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,502,182</FONT></B></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>1,323,153</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>58,510,081</FONT></B></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>(13,208,379</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 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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=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>Beginning of Period</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>515,398,843</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>528,607,222</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>573,908,924</FONT></B></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>515,398,843</FONT></B></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>Undistributed investment income&#8212;net</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,181,431</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>9,261,419</FONT></TD>

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

   <TD align=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><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Increase in Shares Outstanding as</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 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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>398,049</FONT></B></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>167,099</FONT></B></TD>

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

<TR>

   <TD colSpan=5>&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=left>&nbsp;</TD>

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

   <TD align=left>&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>30</FONT></B></P></DIV>

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



<!--$$/page=--><A name="page_35"></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="35%"></TD>

   <TD width="11%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="9%"></TD>

   <TD width="3%"></TD>

   <TD width="9%"></TD>

   <TD width="3%"></TD>

   <TD width="7%"></TD>

   <TD width="3%"></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="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8 colSpan=5><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Year Ended September 30,</FONT></TD>

   <TD align=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>&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>2012</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></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>2010</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>2009</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>2008</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>Per Share 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>

   <TD align=left bgColor=#e8e8e8>&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>Net asset value, beginning of period</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.41</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>8.65</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>8.47</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>7.88</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>9.12</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>Investment Operations:</FONT>&nbsp;</TD>

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

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

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

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

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

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

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

   <TD align=left bgColor=#e8e8e8>&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>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=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.58</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>.60</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>.62</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>.67</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>.68</FONT></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>Net realized and unrealized</FONT>&nbsp;</TD>

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

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

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

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

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

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>gain (loss) on investments</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.92</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>(.24</FONT></TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.15</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>.48</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>(1.25</FONT></TD>

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

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

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

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

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

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

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

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

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

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

   <TD align=left bgColor=#e8e8e8>&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>from investment income&#8212;net</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.01</FONT></TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.01</FONT></TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.02</FONT></TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.06</FONT></TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.17</FONT></TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.49</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>.35</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>.75</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>1.09</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>(.74</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT 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>Distributions to Common Shareholders:</FONT>&nbsp;</TD>

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

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

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

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

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

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

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

   <TD align=left bgColor=#e8e8e8>&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>Dividends from investment income&#8212;net</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.59</FONT></TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.59</FONT></TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.57</FONT></TD>

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

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

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

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

   <TD align=left bgColor=#e8e8e8><FONT 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>Net asset value, end of period</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.31</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>8.41</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>8.65</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>8.47</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>7.88</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>Market value, end of period</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.02</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>8.50</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>9.02</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>7.91</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>6.75</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>Total Return (%)</FONT></B><B><SUP><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>25.98</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>1.32</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>22.13</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>26.05</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>(18.00</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</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>31</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_36"></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=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>

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

   <TD width="13%"></TD>

   <TD width="11%"></TD>

   <TD width="11%"></TD>

   <TD width="11%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <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 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>2012</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>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></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></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 average</FONT>&nbsp;</TD>

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>net assets applicable 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></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>Common Stock</FONT><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>1.30</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>1.40</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></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 average</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.121pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>net assets applicable 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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.121pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Common Stock</FONT><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>1.16</FONT>&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></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 related</FONT>&nbsp;</TD>

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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></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></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>c</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>.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></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></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></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>c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.59</FONT>&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></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</FONT>&nbsp;</TD>

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>.94</FONT>&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></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 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></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>&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></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>Ratio of interest and expense related</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" 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></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>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>4.73</FONT>&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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" 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>19.16</FONT>&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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" 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></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>368</FONT>&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></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, 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></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>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>573,909</FONT>&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></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></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>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>&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></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>Calculated based on market value.</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>Does not reflect the effect of dividends to Preferred Shareholders.</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>32</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></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 New York Stock Exchange (the &#8220;NYSE&#8221;) 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><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 </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>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>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 fund&#8217;s Board of Directors (the &#8220;Board&#8221;). 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 the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are categorized within Level 2 of the fair value hierarchy. Investments in swap transactions are valued each business day by the Service. Swaps are valued by the Service by using a swap pricing model which incorporates</FONT></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>35</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 </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>among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates.These securities are generally 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.</FONT></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, 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. 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 September 30, 2012 in valuing the fund&#8217;s investments:</FONT></P>

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

   <TD width="16%"></TD>

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

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

   <TD width="15%"></TD>

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

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

<TR vAlign=bottom>

   <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></TD>

   <TD align=left>&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>

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

<TR vAlign=bottom>

   <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></TD>

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

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

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

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

<TR vAlign=bottom>

   <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></TD>

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

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

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

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

<TR vAlign=bottom>

   <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></TD>

   <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>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></TD>

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

<TR vAlign=bottom>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Assets ($)</FONT></B>&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>

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

<TR vAlign=bottom>

   <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>

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

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

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

<TR vAlign=bottom>

   <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>853,754,673</FONT></TD>

   <TD align=left>&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>853,754,673</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Liabilities ($)</FONT></B>&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>

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

<TR vAlign=bottom>

   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Floating Rate Notes</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8224;</FONT></SUP>&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>(74,886,216</FONT></TD>

   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</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>(74,886,216</FONT></B></TD>

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

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="2%"></TD>

   <TD width="97%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>&#8224;</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>Certain of the fund&#8217;s liabilities are held at carrying amount, which approximates fair value for</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>financial reporting purposes.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<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>At September 30, 2012, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.</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>

<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) in additional shares of the fund at the lower of prevailing market price or net asset value (but not less than 95% of market value at the time of valuation) unless such Common Shareholder elects to receive cash as provided below. If market price is equal to or exceeds net asset value, shares will be issued at net asset value. If net asset value exceeds market price or if a cash dividend only is declared, Computershare Shareowner Services LLC (&#8220;Computershare&#8221;), the fund&#8217;s transfer agent, will buy fund shares in the open market.</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 </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>On September 27, 2012, the Board declared a cash dividend of $.049 per share from investment income-net, payable on October 31, 2012 to Common Shareholders of record as of the close of business on October 12, 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 September 30, 2012, for each Series of APS were as follows: Series M-0.274%, Series T-0.274%, Series W-0.274%, Series TH-0.274% and Series F-0.274%.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 September 30, 2012 for each Series of APS were as follows: Series M-0.24%, Series T-0.24%, Series W-0.24%, Series TH-0.24% and Series F-0.24%.</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 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 September 30, 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 four-year period ended September 30, 2012 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>At September 30, 2012, the components of accumulated earnings on a tax basis were as follows: tax-exempt income $9,128,311, accumulated capital losses $55,684,767 and unrealized appreciation $87,045,120.</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>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 accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to September 30, 2012. If not applied, $264,789 of the carryover expires in fiscal year 2016, $9,875,465 expires in fiscal year 2017, $32,540,019 expires in fiscal year 2018 and $6,369,224 expires in fiscal year 2019.The fund has $2,783,034 of post-enactment short-term capital losses and $3,852,236 of post-enactment long-term capital losses which can be carried forward for an unlimited period.</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 periods ended September 30, 2012 and September 30, 2011 were as follows: tax-exempt income $36,538,290 and $36,656,908 and ordinary income $125,238 and $83,617, respectively.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>During the period ended September 30, 2012, as a result of permanent book to tax differences, primarily due to the tax treatment for amortization adjustments and capital loss carryover expiration, the fund decreased accumulated undistributed investment income-net by $187,008, increased accumulated net realized gain (loss) on investments by $27,300,498 and decreased paid-in capital by $27,113,490. Net assets and net asset value per share were not affected by this reclassification.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(f) New Accounting Pronouncement: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>In December 2011, FASB issued Accounting Standards Update No. 2011-11 &#8220;Disclosures about</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 </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>Offsetting Assets and Liabilities&#8221; (&#8220;ASU 2011-11&#8221;). These disclosure requirements are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company&#8217;s financial position.They also improve transparency in the reporting of how companies mitigate credit risk, including disclosure of related collateral pledged or received. In addition,ASU 2011-11 facilitates comparison between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards (&#8220;IFRS&#8221;). ASU 2011-11 requires entities to: disclose both gross and net information about both instruments and transactions eligible for offset in the financial statements; and disclose instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2011-11 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods.At this time, management is evaluating the implications of ASU 2011-11 and its impact on the fund&#8217;s financial statement disclosures.</FONT></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, 2013, 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</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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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>net assets representing APS outstanding).The reduction in expenses, pursuant to the undertaking, amounted to $756,847 during the period ended September 30, 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 LLC, an affiliate of the Manager, under a transfer agency agreement for performing 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 LLC, which is included in Shareholder servicing costs in the Statement of Operations. Effective January 1, 2012, Computershare acquired BNY Mellon Shareowner Services LLC and is performing the transfer agency services for the fund. Computershare is not affiliated with the Manager.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund compensates The Bank of NewYork 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 September 30, 2012, the fund was charged $56,194 pursuant to the custody agreement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits, as an expense offset in the Statement of Operations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>During the period ended September 30, 2012, the fund was charged $8,384 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 $471,568, custodian fees $18,400 and chief compliance officer fees $1,991 which are offset against an expense reimbursement currently in effect in the amount of $64,110.</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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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></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 and Swap 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 and swap transactions, during the period ended September 30, 2012, amounted to $146,423,834 and $142,620,840, 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 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 September 30, 2012 was approximately $74,886,200, with a related weighted average annualized interest rate of .72%.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Derivatives: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund during the period ended September 30, 2012 is discussed below.</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"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Swap Transactions:</FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund enters into swap agreements to exchange the interest rate on, or return generated by, one nominal instrument for the return generated by another nominal instrument.The fund enters into these agreements to hedge certain market or interest rate risks, to manage the interest rate sensitivity (sometimes called duration) of fixed income securities, to provide a substitute for purchasing or selling particular securities or to increase potential returns.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund accrues for the interim payments on swap contracts on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) on swap contracts in the Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as a realized gain (loss) on swaps, in addition to realized gain (loss) recorded upon the termination of swap contracts in the Statement of Operations. Upfront payments made and/or received by the fund, are recorded as an asset and/or liability in the Statement of Assets and Liabilities and are recorded as a realized gain or loss ratably over the contract&#8217;s term/event with the exception of forward starting interest rate swaps which are recorded as realized gains or losses on the termination date. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation on swap transactions.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Interest Rate Swaps: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional principal amount.The fund may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is included within unrealized appreciation (depreciation) on swap contracts in the Statement of Assets and Liabilities. Interest rate swaps are valued daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations.When a swap</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 </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>contract is terminated early, the fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows. For financial reporting purposes, forward rate agreements are classified as interest rate swaps.At September 30, 2012, there were no interest rate swap agreements outstanding.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>At September 30, 2012, the cost of investments for federal income tax purposes was $691,823,337; accordingly, accumulated net unrealized appreciation on investments was $87,045,120, consisting of $90,289,018 gross unrealized appreciation and $3,243,898 gross unrealized depreciation.</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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   <TD style="TEXT-INDENT: 16.011pt" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>PUBLIC ACCOUNTING FIRM</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Shareholders and Board of Directors</FONT><BR><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Dreyfus Strategic Municipals, Inc.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>We have audited the accompanying statement of assets and liabilities of Dreyfus Strategic Municipals, Inc., including the statement of investments, as of September 30, 2012, and the related statements of operations and cash flows for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended.These financial statements and financial highlights are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.We were not engaged to perform an audit of the Fund&#8217;s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting.Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2012 by correspondence with the custodian and others. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Strategic Municipals, Inc. at September 30, 2012, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>New York, New York</FONT><BR><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>November 27, 2012</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>45</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=3>ADDITIONAL INFORMATION </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>Dividend Reinvestment and Cash Purchase Plan</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Under the fund&#8217;s Dividend Reinvestment and Cash Purchase Plan (the &#8220;Plan&#8221;), a holder of Common Stock who has fund shares registered in his name will have all dividends and distributions reinvested automatically by Computershare Trust Company, N.A., as Plan administrator (the &#8220;Administrator&#8221;), in additional shares of the fund at the lower of prevailing market price or net asset value (but not less than 95% of market value at the time of valuation) unless such shareholder elects to receive cash as provided below. If market price is equal to or exceeds net asset value, shares will be issued at net asset value. If net asset value exceeds market price or if a cash dividend only is declared, the Administrator, as agent for the Plan participants, will buy fund shares in the open market. A Plan participant is not relieved of any income tax that may be payable on such dividends or distributions.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>A Common Shareholder who owns fund shares registered in nominee name through his broker/dealer (i.e., in &#8220;street name&#8221;) may not participate in the Plan, but may elect to have cash dividends and distributions reinvested by his broker/dealer in additional shares of the fund if such service is provided by the broker/dealer; otherwise such dividends and distributions will be treated like any other cash dividend.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>A Common Shareholder who has fund shares registered in his or her name may elect to withdraw from the Plan at any time for a $2.50 fee and thereby elect to receive cash in lieu of shares of the fund. Changes in elections must be in writing, sent to The Bank of New York Mellon, c/o Shareowner Services, P.O. Box 35803, Pittsburgh, PA 15252-8035, should include the shareholder&#8217;s name and address as they appear on the Administrator&#8217;s records and will be effective only if received more than fifteen days prior to the record date for any distribution.</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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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>A Plan participant who has fund shares in his name has the option of making additional cash payments to the Administrator, semi-annually, in any amount from $1,000 to $10,000, for investment in the fund&#8217;s shares in the open market on or about January 15 and July 15.Any voluntary cash payments received more than 30 days prior to these dates will be returned by the Administrator, and interest will not be paid on any uninvested cash payments.A participant may withdraw a voluntary cash payment by written notice, if the notice is received by the Administrator not less than 48 hours before the payment is to be invested.A Common Shareholder who owns fund shares registered in street name should consult his broker/dealer to determine whether an additional cash purchase option is available through his broker/dealer.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Administrator maintains all Common Shareholder accounts in the Plan and furnishes written confirmations of all transactions in the account. Shares in the account of each Plan participant will be held by the Administrator in non-certificated form in the name of the participant, and each such participant&#8217;s proxy will include those shares purchased pursuant to the Plan.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund pays the Administrator&#8217;s fee for reinvestment of dividends and distributions. Plan participants pay a pro rata share of brokerage commissions incurred with respect to the Administrator&#8217;s open market purchases and purchases from voluntary cash payments, and a $1.25 fee for each purchase made from a voluntary cash payment.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to notice of the change sent to Plan participants at least 90 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by the Administrator on at least 90 days&#8217; written notice to Plan participants.</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>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>ADDITIONAL INFORMATION (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>Level Distribution Policy</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund&#8217;s dividend policy is to distribute substantially all of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more consistent yield to the current trading price of shares of Common Stock of the fund, the fund may at times pay out more or less than the entire amount of net investment income earned in any particular month and may at times in any month pay out any accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the fund for any particular month may be more or less than the amount of net investment income earned by the fund during such month.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Benefits and Risks of Leveraging</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund utilizes leverage to seek to enhance the yield and net asset value of its Common Stock.These objectives cannot be achieved in all interest rate environments. To leverage, the fund has issued Preferred Stock and employs the use of tax-exempt tender option bonds, which pay dividends or interest, respectively, at prevailing short-term interest rates, and invests the proceeds in long-term municipal bonds. The interest earned on these investments is paid to Common Shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share net asset value of the fund&#8217;s Common Stock. In order for either of these forms of leverage to benefit Common Shareholders, the yield curve must be positively sloped: that is, short-term interest rates must be lower than long-term interest rates. At the same time, a period of generally declining interest rates will benefit Common Shareholders. If either of these conditions change along with other factors that may have an effect on preferred dividends or tender option bonds, then the risk of leveraging will begin to outweigh the benefits.</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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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Supplemental Information</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>For the period ended September 30, 2012, there were: (i) no material changes in the fund&#8217;s investment objectives or policies, (ii) no changes in the fund&#8217;s charter or by-laws that would delay or prevent a change of control of the fund, (iii) no material changes in the principal risk factors associated with investment in the fund, and (iv) no change in the persons primarily responsible for the day-to-day management of the fund&#8217;s portfolio.</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>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=3>IMPORTANT TAX INFORMATION </FONT><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended September 30, 2012 as &#8220;exempt-interest dividends&#8221; (not generally subject to regular federal income tax), except $125,238 that is being reported as an ordinary income distribution for reporting purposes. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund&#8217;s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2012 calendar year on Form 1099-DIV, which will be mailed in early 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>PROXY RESULTS </FONT><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Common Shareholders and holders of Auction Preferred Stock (&#8220;APS&#8221;) voted together as a single class (except as noted below) on the following proposal presented at the annual shareholders&#8217; meeting held on June 8, 2012.</FONT></P>

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

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

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

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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>For</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>Authority Withheld</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>To elect three Class III Directors:</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8224;</FONT></SUP>&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>Hans C. Mautner</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>53,681,194</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>1,568,303</FONT>&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>Burton N. Wallack</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>53,681,168</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>1,568,329</FONT>&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>John E. Zuccotti</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8224;&#8224;</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,828</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>360</FONT>&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;</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>The terms of these Class III Directors expire in 2015.</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><SUP><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>&#8224;&#8224;</FONT></SUP></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Elected solely by APS holders, Common Shareholders not entitled to vote.</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>50</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>BOARD MEMBERS INFORMATION </FONT><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT></P>

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   <TD align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Joseph S. DiMartino (68)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Chairman of the Board (1995)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2013</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Corporate Director and Trustee</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Other Public Company Board Memberships During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.875pt" align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>and medium size companies, Director (1997-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Sunair Services Corporation, a provider of certain outdoor-related services to homes and</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.875pt" align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>businesses, Director (2005-2009)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; The Newark Group, a provider of a national market of paper recovery facilities, paperboard</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.875pt" align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>mills and paperboard converting plants, Director (2000-2010)</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>157</FONT>&nbsp;</TD></TR>

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   <TD align=center><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>William Hodding Carter III (77)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (1988)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2013</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Professor of Leadership &amp; Public Policy, University of North Carolina, Chapel Hill (2006-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; President and Chief Executive Officer of the John S. and James L. Knight Foundation (1998-2006)</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>27</FONT>&nbsp;</TD></TR>

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   <TD>&nbsp;</TD></TR>

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   <TD align=center><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Gordon J. Davis (71)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (2007)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2014</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Partner in the law firm of Venable, LLP</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Partner in the law firm of Dewey &amp; LeBoeuf, LLP (1994-2012)</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Other Public Company Board Memberships During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Consolidated Edison, Inc., a utility company, Director (1997-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; The Phoenix Companies, Inc., a life insurance company, Director (2000-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>50</FONT>&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>51</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>BOARD MEMBERS INFORMATION (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

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   <TD align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Joni Evans (70)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (2007)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Chief Executive Officer, www.wowOwow.com an online community dedicated to women&#8217;s</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.875pt" align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>conversations and publications (2007-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Principal, Joni Evans Ltd. (publishing) (2006-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Senior Vice President of the William Morris Agency (1994-2006)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>27</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Ehud Houminer (72)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (1994)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2014</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Executive-in-Residence at the Columbia Business School, Columbia University (1992-present)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>73</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Richard C. Leone (72)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (1989)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Senior Fellow and former President of The Century Foundation (formerly,The Twentieth</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.875pt" align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Century Fund, Inc.), a tax exempt research foundation engaged in the study of economic,</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.875pt" align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>foreign policy and domestic issues</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Other Public Company Board Memberships During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Partnership for a Secure America, Director</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>27</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Hans C. Mautner (74)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (1989)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; President&#8212;International Division and an Advisory Director of Simon Property Group, a real</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.875pt" align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>estate investment company (1998-2010)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Chairman and Chief Executive Officer of Simon Global Limited (1999-2010)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>27</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>52</FONT></B></P></DIV>

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   <TD align=left width="100%"><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Robin A. Melvin (49)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left width="100%"><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (1995)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2014</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="100%"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Director, Boisi Family Foundation, a private family foundation that supports youth-serving</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>organizations that promote the self sufficiency of youth from disadvantaged circumstances</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.875pt" align=left width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>(1995-2012)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="100%"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>83</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left width="100%"><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Burton N.Wallack (61)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left width="100%"><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (2007)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="100%"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; President and Co-owner of Wallack Management Company, a real estate management company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="100%"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>27</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left width="100%"><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>John E. Zuccotti (75)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left width="100%"><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (1989)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="100%"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Chairman of Brookfield Properties, Inc.</FONT>&nbsp;</TD></TR>

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   <TD align=left width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Senior Counsel of Weil, Gotshal &amp; Manges, LLP</FONT>&nbsp;</TD></TR>

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   <TD align=left width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Emeritus Chairman of the Real Estate Board of New York</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="100%"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Other Public Company Board Memberships During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Emigrant Savings Bank, Director (2004-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Doris Duke Charitable Foundation,Trustee (2006-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; New York Private Bank &amp; Trust, Director</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="100%"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>27</FONT>&nbsp;</TD></TR>

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   <TD align=center width="100%"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR>

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   <TD align=left width="100%"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York,</FONT></I>&nbsp;</TD></TR>

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   <TD align=left width="100%"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>NewYork 10166.</FONT></I>&nbsp;</TD></TR>

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   <TD align=left width="100%"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>David W. Burke, Emeritus Board Member</FONT></I>&nbsp;</TD></TR>

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   <TD align=left width="100%"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Arnold S. Hiatt, Emeritus Board Member</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>53</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=3>OFFICERS OF THE FUND </FONT><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>BRADLEY J. SKAPYAK, President since January 2010.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Chief Operating Officer and a director of the Manager since June 2009; from April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 72 investment companies (comprised of 156 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since February 1988.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Assistant General Counsel of BNY Mellon, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. She is 49 years old and has been an employee of the Manager since February 1984.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>KIESHA ASTWOOD, Vice President and Assistant Secretary since January 2010.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Counsel of BNY Mellon, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. She is 39 years old and has been an employee of the Manager since July 1995.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JAMES BITETTO, Vice President and Assistant Secretary since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Counsel of BNY Mellon and Secretary of the Manager, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since December 1996.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Counsel of BNY Mellon, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. She is 56 years old and has been an employee of the Manager since October 1988.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Counsel of BNY Mellon, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since June 2000.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JOHN B. HAMMALIAN, Vice President and Assistant Secretary since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Managing Counsel of BNY Mellon, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since February 1991.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>ROBERT R. MULLERY, Vice President and Assistant Secretary since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Managing Counsel of BNY Mellon, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. He is 60 years old and has been an employee of the Manager since May 1986.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Managing Counsel of BNY Mellon, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since October 1990.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JAMES WINDELS, Treasurer since November 2001.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Director &#8211; Mutual Fund Accounting of the Manager, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. He is 54 years old and has been an employee of the Manager since April 1985.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>54</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>RICHARD CASSARO, Assistant Treasurer since January 2007.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Accounting Manager &#8211; Money Market and Municipal Bond Funds of the Manager, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since September 1982.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>GAVIN C. REILLY, Assistant Treasurer since December 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since April 1991.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>ROBERT S. ROBOL, Assistant Treasurer since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Accounting Manager &#8211; Fixed Income Funds of the Manager, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since October 1988.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>ROBERT SALVIOLO, Assistant Treasurer since May 2007.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Accounting Manager &#8211; Equity Funds of the Manager, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since June 1989.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>ROBERT SVAGNA, Assistant Treasurer since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Accounting Manager &#8211; Equity Funds of the Manager, and an officer of 73 investment companies (comprised of 183 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since November 1990.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (73 investment companies, comprised of 183 portfolios). He is 55 years old and has served in various capacities with the Manager since 1980, including manager of the firm&#8217;s Fund Accounting Department from 1997 through October 2001.</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>55</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>56</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></TABLE></DIV>

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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>

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<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>The fund&#8217;s net asset value per share 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 Company Act 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>57</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>
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<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-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item
2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Code of Ethics.</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;">The
Registrant has adopted a code of ethics that applies to the Registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions.&#160; There have
been no amendments to, or waivers in connection with, the Code of Ethics during
the period covered by this Report.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Audit
Committee Financial Expert.</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;">The
Registrant's Board has determined that Ehud Houminer, a member of the Audit
Committee of the Board, is an audit committee financial expert as defined by
the Securities and Exchange Commission (the &quot;SEC&quot;). &#160;&#160;Ehud Houminer is
&quot;independent&quot; as defined by the SEC for purposes of audit committee
financial expert determinations.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Principal
Accountant Fees and Services.</font></b></p>

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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)&#160;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Audit Fees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The aggregate fees billed for each of the last two fiscal
years (the &quot;Reporting Periods&quot;) for professional services rendered by
the Registrant's principal accountant (the &quot;Auditor&quot;) for the audit
of the Registrant's annual financial statements or services that are normally
provided by the Auditor in connection with the statutory and regulatory filings
or engagements for the Reporting Periods, were $30,312 in 2011 and $32,015 in
2012.</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b)&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Audit-Related Fees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.
The aggregate fees billed in the Reporting Periods for assurance and related
services by the Auditor that are reasonably related to the performance of the
audit of the Registrant's financial statements and are not reported under
paragraph (a) of this Item 4 were $46,082 in 2011 and $32,442 in 2012. These
services consisted of one or more of the following: (i) agreed upon procedures
related to compliance with Internal Revenue Code section 817(h), (ii) security
counts required by Rule 17f-2 under the Investment Company Act of 1940, as
amended, (iii) advisory services as to the accounting or disclosure treatment
of Registrant transactions or events, (iv) advisory services to the accounting
or disclosure treatment of the actual or potential impact to the Registrant of
final or proposed rules, standards or interpretations by the Securities and
Exchange Commission, the Financial Accounting Standards Boards or other
regulatory or standard-setting bodies and (v) agreed upon procedures in
evaluating compliance by the Fund with provisions of the Fund&#8217;s articles
supplementary, creating the series of auction rate preferred stock. </font></p>

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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The
aggregate fees billed in the Reporting Periods for non-audit assurance and
related services by the Auditor to the Registrant's investment adviser (not
including any sub-investment adviser whose role is primarily portfolio
management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by or under common control
with the investment adviser that provides ongoing services to the Registrant
(&quot;Service Affiliates&quot;), that were reasonably related to the
performance of the annual audit of the Service Affiliate, which required
pre-approval by the Audit Committee were $0 in 2011 and $0 in 2012. </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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(c)&#160;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Tax Fees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The aggregate fees billed in the Reporting Periods for
professional services rendered by the Auditor for tax compliance, tax advice,
and tax planning (&quot;Tax Services&quot;) were $2,731 in 2011 and $3,267 in
2012. These services consisted of: (i) review or preparation of U.S. federal,
state, local and excise tax returns; (ii) U.S. federal, state and local tax
planning, advice and assistance regarding statutory, regulatory or
administrative developments; (iii) tax advice regarding tax qualification
matters and/or treatment of various financial instruments held or proposed to
be acquired or held. The aggregate fees billed in the Reporting Periods for Tax
Services by the Auditor to Service Affiliates, which required pre-approval by
the Audit Committee were $0 in 2011 and $0 in 2012.&#160; </font></p>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(d)&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">All Other Fees</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">.&nbsp; The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $217 in 2011 and $0 in 2012. [These services consisted of a review of the Registrant's anti-money laundering program].</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were &nbsp;$0 in 2011 and $200,000 in 2012.&nbsp; </FONT></P>

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<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(e)(1) Audit Committee Pre-Approval Policies and Procedures</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services.&nbsp; Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence.&nbsp; Pre-approvals pursuant to the Policy are considered annually.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(e)(2) Note: None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. </FONT></P>

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

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal account's full-time, permanent employees.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Non-Audit Fees</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $16,565,389 in 2011 and $43,887,310 in 2012.&nbsp; </FONT></P>

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

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Auditor Independence</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.</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 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a) (58)(A) of the Securities Exchange Act of 1934, consisting of the following members: Joseph S. DiMartino, David W. Burke, Hodding Carter III, Joni Evans, Ehud Houminer, Richard C. Leone, Hans C. Mautner, Robin A. Melvin, Burton N. Wallack and John E. Zuccotti of applicable.&nbsp; </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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 42pt; TEXT-INDENT: -42pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Managers of Closed-End Management Investment Companies.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a) (1)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"> The following information is as of November 29, 2012, the date of the filing of this report:</FONT></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; Steven Harvey and </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman" color=black>Daniel A. Barton</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"> manage the Registrant.&nbsp; </FONT></P>

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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(2)&nbsp;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">
The following information is as of the Registrant&#8217;s most recently completed
fiscal year, except where otherwise noted:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Portfolio Managers.</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> The
Manager manages the Fund's portfolio of investments in accordance with the
stated policies of the Fund, subject to the approval of the Fund's Board
members.&#160; The Manager is responsible for investment decisions and provides the
Fund with portfolio managers who are authorized by the Fund's Board to execute
purchases and sales of securities.&#160; The Fund's portfolio managers are Steven
Harvey and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dan Barton</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Manager also
maintains a research department with a professional staff of portfolio managers
and securities analysts who provide research services for the Fund and for
other funds advised by the Manager.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Portfolio Manager
Compensation</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The portfolio managers' compensation is comprised primarily
of a market-based salary and an incentive compensation plan (annual and long-term).&#160;
Funding for the Standish Incentive Plan is through a pre-determined fixed
percentage of overall company profitability.&#160; Therefore, all bonus awards are
based initially on Standish's overall performance as opposed to the performance
of a single product or group.&#160; All investment professionals are eligible to
receive incentive awards.&#160; Cash awards are payable in the February month end
pay of the following year. Most of the awards granted have some portion
deferred for three years in the form of deferred cash, BNY Mellon equity,
interests in investment vehicles (consisting of investments in a range of
Standish products), or a combination of the above. Individual awards for
portfolio managers are discretionary, based on both individual and multi-sector
product risk adjusted performance relative to both benchmarks and peer
comparisons over one year, three year and five year periods.&#160; Also considered
in determining individual awards are team participation and general
contributions to Standish.&#160; Individual objectives and goals are also
established at the beginning of each calendar year and are taken into account.
Portfolio managers whose compensation exceeds certain levels may elect to defer
portions of their base salaries and/or incentive compensation pursuant to BNY
Mellon's Elective Deferred Compensation Plan.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Additional
Information About Portfolio Managers</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&nbsp; The following table lists the
number and types of other accounts advised by the Fund&#8217;s primary portfolio
manager and assets under management in those accounts as of the end of the
Fund's fiscal year:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><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-collapse:collapse;margin-left:0pt;width:602.099976pt;">
 <tr>
  <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Portfolio Manager</font></u></b></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">Registered Investment Company </font></b><b><u><font face="Times New Roman" style="font-size:10.0pt;">Accounts&nbsp;</font></u></b></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Assets Managed</font></u></b></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">Pooled </font></b><b><u><font face="Times New Roman" style="font-size:10.0pt;">Accounts&nbsp;</font></u></b></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Assets Managed  </font></u></b></p>
  </td>
 <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">Other </font></b><b><u><font face="Times New Roman" style="font-size:10.0pt;">Accounts&nbsp;</font></u></b></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Assets Managed</font></u></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=times style="font-size:11.0pt;">Steven
  Harvey</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><font face=times style="font-size:11.0pt;">7</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><font face=times style="font-size:11.0pt;">$3,252.1
  million</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><font face=times style="font-size:11.0pt;">5</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><font face=times style="font-size:11.0pt;">$1,247.5
  million</font></p>
  </td>
 <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><font face=times style="font-size:11.0pt;">425</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><font face=times style="font-size:11.0pt;">$5,991.6
  million</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;"><font color=black face="Times New Roman" style="font-size:11.0pt;">Daniel A. Barton</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><font face=times style="font-size:11.0pt;">6</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><font face=times style="font-size:11.0pt;">$2,877.6
  million</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><font face=times style="font-size:11.0pt;">0</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><font face=times style="font-size:11.0pt;">$0</font></p>
  </td>
 <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><font face=times style="font-size:11.0pt;">0</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><font face=times style="font-size:11.0pt;">$0</font></p>
  </td>
 </tr>
</table></div>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">None of the funds or accounts are subject
to a performance-based advisory fee.</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>

<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="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The dollar range of Fund shares beneficially owned by the primary portfolio
manager is as follows as of the end of the Fund&#8217;s fiscal year:</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-collapse:collapse;width:511.799988pt;">
 <tr>
  <td valign=top width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Portfolio Manager</font></u></b></p>
  </td>
 <td valign=top width=35% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Registrant Name</font></u></b></p>
  </td>
 <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Dollar Range
  of Registrant </font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Shares Beneficially
  Owned</font></u></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font face=times style="font-size:11.0pt;">Steven
  Harvey</font><font face="Times New Roman" style="font-size:10.0pt;"> &nbsp;</font></p>
  </td>
 <td valign=top width=35% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font face="Times New Roman" style="font-size:11.0pt;">Dreyfus Strategic
  Municipals, Inc.</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font face="Times New Roman" style="font-size:11.0pt;">None</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font face=times style="font-size:11.0pt;">Daniel
  A. Barton</font></p>
  </td>
 <td valign=top width=35% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">Dreyfus Strategic Municipals, Inc.</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font face="Times New Roman" style="font-size:11.0pt;">None</font></p>
  </td>
 </tr>
</table></div>


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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">-</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></font><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5</font></font><font style=""><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">-</font></font><font style="">&nbsp;</font></p>



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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Portfolio
managers may manage multiple accounts for a diverse client base, including
mutual funds, separate accounts (assets managed on behalf of institutions such
as pension funds, insurance companies and foundations), bank common trust
accounts and wrap fee programs (&#8220;Other Accounts&#8221;).&nbsp; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Potential
conflicts of interest may arise because of Dreyfus&#8217; management of the Fund and
Other Accounts.&nbsp; For example, conflicts of interest may arise with both
the aggregation and allocation of securities transactions and allocation of
limited investment opportunities, as Dreyfus may be perceived as causing
accounts it manages to participate in an offering to increase Dreyfus&#8217; overall
allocation of securities in that offering, or to increase Dreyfus&#8217; ability to
participate in future offerings by the same underwriter or issuer.&nbsp;
Allocations of bunched trades, particularly trade orders that were only
partially filled due to limited availability and allocation of investment
opportunities generally, could raise a potential conflict of interest, as
Dreyfus may have an incentive to allocate securities that are expected to
increase in value to preferred accounts.&nbsp; Initial public offerings, in
particular, are frequently of very limited availability.&nbsp; Additionally,
portfolio managers may be perceived to have a conflict of interest if there are
a large number of Other Accounts, in addition to the Fund, that they are
managing on behalf of Dreyfus.&nbsp;&nbsp; Dreyfus periodically reviews each
portfolio manager&#8217;s overall responsibilities to ensure that he or she is able
to allocate the necessary time and resources to effectively manage the
Fund.&nbsp; In addition, Dreyfus could be viewed as having a conflict of
interest to the extent that Dreyfus or its affiliates and/or portfolio managers
have a materially larger investment in Other Accounts than their investment in
the Fund.</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>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Other
Accounts may have investment objectives, strategies and risks that differ from
those of the Fund.&nbsp; For these or other reasons, the portfolio manager may
purchase different securities for the Fund and the Other Accounts, and the
performance of securities purchased for the Fund may vary from the performance
of securities purchased for Other Accounts.&nbsp; The portfolio manager may
place transactions on behalf of Other Accounts that are directly or indirectly
contrary to investment decisions made for the Fund, which could have the
potential to adversely impact the Fund, depending on market conditions.</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>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">A
potential conflict of interest may be perceived to arise if transactions in one
account closely follow related transactions in another account, such as when a
purchase increases the value of securities previously purchased by the other
account, or when a sale in one account lowers the sale price received in a sale
by a second account.&nbsp; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><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;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dreyfus&#8217; goal
is to provide high quality investment services to all of its clients, while
meeting Dreyfus&#8217; fiduciary obligation to treat all clients fairly.&nbsp;
Dreyfus has adopted and implemented policies and procedures, including
brokerage and trade allocation policies and procedures that it believes address
the conflicts associated with managing multiple accounts for multiple
clients.&nbsp; In addition, Dreyfus monitors a variety of areas, including
compliance with Fund guidelines, the allocation of IPOs, and compliance with
the firm&#8217;s Code of Ethics.&nbsp; Furthermore, senior investment and business
personnel at Dreyfus periodically review the performance of the portfolio
managers for Dreyfus-managed funds.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purchases
of Equity Securities by Closed-End Management Investment Companies and  &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Affiliated
Purchasers.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Not applicable.&#160; [CLOSED-END FUNDS ONLY]</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Submission
of Matters to a Vote of Security Holders.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">There have been no material changes to the procedures
applicable to Item 10.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Controls
and Procedures.</font></b></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">-</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></font><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">6</font></font><font style=""><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">-</font></font><font style="">&nbsp;</font></p>



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<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)&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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-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; 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.&#160; </font></p>

<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;&#160;&#160;&#160;&#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; Code of ethics referred to in Item 2.</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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</DIV>
<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:513.000000pt;">
 <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;">
  <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;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <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;">November 20, 2012</font></p>
  </td>
 </tr>
<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;">&nbsp;</font></p>
  </td>
 </tr>
<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;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>
 </tr>
<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;">&nbsp;</font></p>
  </td>
 </tr>
<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;">
  <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;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <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;">November 20, 2012</font></p>
  </td>
 </tr>
<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;">&nbsp;</font></p>
  </td>
 </tr>
<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/ James Windels</font></u></p>
  </td>
 </tr>
<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;">            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>
<tr>
  <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;">November 20, 2012</font></p>
  </td>
 </tr>
<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;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<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;">&nbsp;</font></p>

<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)(1)&#160;&#160; Code of ethics referred to in Item 2.</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;">(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>

<p align=right style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=right style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=right style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>



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<DOCUMENT>
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<SEQUENCE>2
<FILENAME>codeofethics.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>

<HTML>
<HEAD>
   <TITLE>codeofethics.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">THE DREYFUS FAMILY OF FUNDS</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CODE OF
ETHICS FOR PRINCIPAL EXECUTIVE </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AND SENIOR
FINANCIAL OFFICERS</font></b></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-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Covered Officers/Purpose of the Code</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This code of ethics (the
&quot;Code&quot;) for the investment companies within the complex (each, a
&quot;Fund&quot;) applies to each Fund's Principal Executive Officer, Principal
Financial Officer, Principal Accounting Officer or Controller, or other persons
performing similar functions, each of whom is listed on Exhibit A</font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(the &quot;Covered Officers&quot;),
for the purpose of promoting:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">honest and ethical conduct, including the ethical handling of
actual or apparent conflicts of interest between personal and professional
relationships;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">full, fair, accurate, timely and understandable disclosure in
reports and documents that the Fund files with, or submits to, the Securities
and Exchange Commission (the &quot;SEC&quot;) and in other public
communications made by the Fund;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">compliance with applicable laws and governmental rules and
regulations;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the prompt internal reporting of violations of the Code to an
appropriate person or persons identified in the Code; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accountability for adherence to the Code.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Each Covered Officer should
adhere to a high standard of business ethics and should be sensitive to
situations that may give rise to actual as well as apparent conflicts of
interest.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Covered Officers Should Handle Ethically Actual and Apparent
Conflicts of Interest</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Overview. </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A
&quot;conflict of interest&quot; occurs when a Covered Officer's private
interest interferes with the interests of, or his service to, the Fund.&#160; For
example, a conflict of interest would arise if a Covered Officer, or a member
of his family, receives improper personal benefits as a result of his position
with the Fund.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Certain conflicts of interest
arise out of the relationships between Covered Officers and the Fund and
already are subject to conflict of interest provisions in the Investment
Company Act of 1940, as amended (the &quot;Investment Company Act&quot;), and
the Investment Advisers Act of 1940, as amended (the &quot;Investment Advisers
Act&quot;). For example, Covered Officers may not individually engage in
certain transactions (such as the purchase or sale of securities or other
property) with the Fund because of their status as &quot;affiliated
persons&quot; of the Fund. The compliance programs and procedures of the Fund
and the Fund's investment adviser (the &quot;Adviser&quot;) are designed to
prevent, or identify and correct, violations of these provisions. The Code does
not, and is not intended to, repeat or replace these programs and procedures,
and the circumstances they cover fall outside of the parameters of the Code.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Although typically not
presenting an opportunity for improper personal benefit, conflicts arise from,
or as a result of, the contractual relationship between the Fund and the
Adviser of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">which the Covered Officers are also officers
or employees.&#160; As a result, the Code recognizes that the Covered Officers, in
the ordinary course of their duties (whether formally for the Fund or for the
Adviser, or for both), will be involved in establishing policies and
implementing decisions that will have different effects on the Adviser and the
Fund. The participation of the Covered Officers in such activities is inherent
in the contractual relationship between the Fund and the Adviser and is
consistent with the performance by the Covered Officers of their duties as
officers of the Fund and, if addressed in conformity with the provisions of the
Investment Company Act and the Investment Advisers Act, will be deemed to have
been handled ethically. In addition, it is recognized by the Fund's Board that
the Covered Officers also may be officers or employees of one or more other
investment companies covered by this or other codes of ethics.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">SSL-DOCS2

70116469v3</font></p>



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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Other conflicts of interest are
covered by the Code, even if such conflicts of interest are not subject to
provisions in the Investment Company Act and the Investment Advisers Act.&#160;
Covered Officers should keep in mind that the Code cannot enumerate every
possible scenario.&#160; The overarching principle of the Code is that the personal
interest of a Covered Officer should not be placed improperly before the
interest of the Fund.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Each Covered Officer must:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">not use his personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the Fund
whereby the Covered Officer would benefit personally to the detriment of the
Fund; </font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">not cause the Fund to take action, or fail to take action, for
the individual personal benefit of the Covered Officer rather than the benefit
of the Fund; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">not retaliate against any employee or Covered Officer for reports
of potential violations that are made in good faith.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Disclosure and Compliance</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Each Covered Officer should familiarize himself with the
disclosure requirements generally applicable to the Fund within his area of
responsibility;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">each Covered Officer should not knowingly misrepresent, or cause
others to misrepresent, facts about the Fund to others, whether within or
outside the Fund, including to the Fund's Board members and auditors, and to
governmental regulators and self-regulatory organizations; </font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">each Covered Officer should, to the extent appropriate within his
area of responsibility, consult with other officers and employees of the Fund
and the Adviser with the goal of promoting full, fair, accurate, timely and
understandable disclosure in the reports and documents the Fund files with, or
submits to, the SEC and in other public communications made by the Fund; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">it is the responsibility of each Covered Officer to promote
compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.</font></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">-</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">-</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">SSL-DOCS2

70116469v3</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>





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</DIV>
<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Reporting
and Accountability</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Each Covered Officer must:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">upon adoption of the Code (or thereafter, as applicable, upon
becoming a Covered Officer), affirm in writing to the Board that he has
received, read, and understands the Code;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">annually thereafter affirm to the Board that he has complied with
the requirements of the Code; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">notify the Adviser's General Counsel (the &quot;General
Counsel&quot;) promptly if he knows of any violation of the Code.&#160; Failure to
do so is itself a violation of the Code. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The General Counsel is
responsible for applying the Code to specific situations in which questions are
presented under it and has the authority to interpret the Code in any
particular situation. However, waivers sought by any Covered Officer will be
considered by the Fund's Board.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Fund will follow these
procedures in investigating and enforcing the Code:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the General Counsel will take all appropriate action to
investigate any potential violations reported to him;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">if, after such investigation, the General Counsel believes that
no violation has occurred, the General Counsel is not required to take any
further action;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any matter that the General Counsel believes is a violation will
be reported to the Board;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">if the Board concurs that a violation has occurred, it will
consider appropriate action, which may include: review of, and appropriate
modifications to, applicable policies and procedures; notification to
appropriate personnel of the Adviser or its board; or dismissal of the Covered
Officer;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Board will be responsible for granting waivers, as
appropriate; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any waivers of or amendments to the Code, to the extent required,
will be disclosed as provided by SEC rules.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Other Policies and Procedures</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Code shall be the sole code
of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley
Act of 2002 and the rules and forms applicable to registered investment
companies thereunder. The Fund's, its principal underwriter's and the Adviser's
codes of ethics under Rule 17j-1 under the Investment Company Act and the
Adviser's additional policies and procedures, including its Code of Conduct,
are separate requirements applying to the Covered Officers and others, and are
not part of the Code.</font></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">-</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">-</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">SSL-DOCS2

70116469v3</font></p>



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</DIV>
<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendments&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Code may not be amended
except in written form, which is specifically approved or ratified by a
majority vote of the Fund's Board, including a majority of independent Board
members.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">7.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Confidentiality&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">All reports and records
prepared or maintained pursuant to the Code will be considered confidential and
shall be maintained and protected accordingly. Except as otherwise required by
law or the Code, such matters shall not be disclosed to anyone other than the
appropriate Funds and their counsel, the appropriate Boards (or Committees) and
their counsel and the Adviser</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">.&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">8.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Internal Use</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Code is intended solely for
the internal use by the Fund and does not constitute an admission, by or on
behalf of the Fund, as to any fact, circumstance, or legal conclusion.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dated
as of:&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">July 1, 2003</font></u></p>





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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">-</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">-</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">SSL-DOCS2

70116469v3</font></p>



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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;">Exhibit A</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Persons
Covered by the Code of Ethics</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>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:511.199982pt;">
 <tr>
  <td valign=top width=34% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">Bradley J. Skapyak</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">President</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">(Principal Executive Officer)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=34% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=34% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">James Windels</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">Treasurer</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">(Principal Financial and Accounting Officer)</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;"><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;">Revised as of January 1, 2010</font></p>



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<P style="MARGIN: 0in 0in 0pt 1in; TEXT-ALIGN: right" align=right><FONT lang=FR style="FONT-SIZE: 11pt" face="Times New Roman">[EX-99.CERT]&#8212;Exhibit&nbsp; (a)(2)</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=FR style="FONT-SIZE: 11pt" face="Times New Roman">SECTION 302 CERTIFICATION</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=FR style="FONT-SIZE: 11pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">I, Bradley J. Skapyak, certify that:</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">1.&nbsp; I have reviewed this report on Form N-CSR of Dreyfus Strategic Municipals, Inc.;</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">2.&nbsp; 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: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">3.&nbsp; 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: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">4.&nbsp; 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: 0in 0in 12pt 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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: 0in 0in 12pt 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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: 0in 0in 12pt 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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: 0in 0in 12pt 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">5.&nbsp; 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: 0in 0in 12pt 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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: 0in 0in 6pt 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">By: </FONT><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman">/s/ Bradley J. Skapyak</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Bradley J. Skapyak, </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">President</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date: November 20, 2012</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 12pt 228pt; TEXT-INDENT: -1in; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">SECTION 302 CERTIFICATION</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">I, James Windels, certify that:</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">1.&nbsp; I have reviewed this report on Form N-CSR of Dreyfus Strategic Municipals, Inc.;</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">2.&nbsp; 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: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">3.&nbsp; 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: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">4.&nbsp; 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: 0in 0in 12pt 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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: 0in 0in 12pt 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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: 0in 0in 12pt 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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: 0in 0in 12pt 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">5.&nbsp; 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: 0in 0in 12pt 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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: 0in 0in 12pt 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">By: </FONT><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman">/s/ James Windels</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">James Windels,</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Treasurer</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date: November 20, 2012</FONT></P></TD></TR></TABLE></DIV>

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<TYPE>EX-99.906CERT
<SEQUENCE>4
<FILENAME>exhibit906.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY SECTION 906
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">[EX-99.906CERT]&nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Exhibit (b)</FONT></P>

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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">SECTION 906 CERTIFICATIONS</FONT></B></P>

<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; 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 "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</FONT></P>

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

<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; (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<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; (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">By: </FONT><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman">/s/ Bradley J. Skapyak</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Bradley J. Skapyak, </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date: November 20, 2012</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">By: </FONT><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman">/s/ James Windels</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date: November 20, 2012</FONT></P></TD></TR>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" 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>

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<DOCUMENT>
<TYPE>COVER
<SEQUENCE>13
<FILENAME>filename13.htm
<TEXT>

<HTML>
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   <TITLE>cover-853.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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;&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; November 30, 2012</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Securities and Exchange Commission</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Office of Filings and Information Services</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">100 F. Street, NE</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Washington, D.C.&nbsp; 20549</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Re: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DREYFUS STRATEGIC MUNICIPALS, INC.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; File No.: 811-5245; 33-15939</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Ladies and Gentlemen:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transmitted for filing is Form N-CSR for the above-referenced Registrant for the Annual period ended September 30, 2012.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please direct any questions or comments to the attention of the undersigned at 212.922.6837.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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;&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; Very truly yours,</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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;&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><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">/s/Jordan Hodge</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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;&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; Jordan Hodge</FONT></P></DIV>

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