<SEC-DOCUMENT>0000855887-13-000002.txt : 20150813
<SEC-HEADER>0000855887-13-000002.hdr.sgml : 20150813

<ACCEPTANCE-DATETIME>20130130141316

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000855887-13-000002

CONFORMED SUBMISSION TYPE:	N-CSR

PUBLIC DOCUMENT COUNT:		11

CONFORMED PERIOD OF REPORT:	20121130

FILED AS OF DATE:		20130130

DATE AS OF CHANGE:		20131114

EFFECTIVENESS DATE:		20130130


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			DREYFUS STRATEGIC MUNICIPAL BOND FUND INC

		CENTRAL INDEX KEY:			0000855887

		IRS NUMBER:				051287040

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1130



	FILING VALUES:

		FORM TYPE:		N-CSR

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-05877

		FILM NUMBER:		13558092



	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:		C/O DREYFUS CORP

		STREET 2:		200 PARK AVENUE, 8TH FLOOR

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10166



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<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>formncsr-852.htm
<DESCRIPTION>ANNUAL REPORT
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<P style="MARGIN: 0in 0in 24pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C.&nbsp; 20549</FONT></B></P>

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

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

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

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">811- 5877</FONT></P></TD></TR>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date of reporting period:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">11/30/12</FONT></P></TD>

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

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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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   <TD align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=6>Dreyfus</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=6>Bond Fund, 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>November 30, 2012</FONT></P>
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<P style="text-align: center;">
<B><FONT color="#141414" size=3 face="Bembo-Bold,Times New Roman,Times,serif">Dreyfus Strategic Municipal Bond Fund, Inc.</FONT></B></P>
<P style="text-align: center;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">Protecting Your Privacy</FONT></B><BR>
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">Our Pledge to You</FONT></B></P>
<P style="text-align: left;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">THE FUND IS COMMITTED TO YOUR PRIVACY. </FONT></B><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">On this page, you will find the Fund&#146;s policies and practices for collecting, disclosing, and safeguarding &#147;nonpublic personal information,&#148; which may include financial or other customer information.These policies apply to individuals who purchase Fund shares for personal, family, or household purposes, or have done so in the past. This notification replaces all previous statements of the Fund&#146;s consumer privacy policy, and may be amended at any time. We&#146;ll keep you informed of changes as required by law.</FONT></P>
<P style="text-align: left;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT. </FONT></B><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">The Fund maintains physical, electronic and procedural safeguards that comply with federal regulations to guard nonpublic personal information. The Fund&#146;s agents and service providers have limited access to customer information based on their role in servicing your account.</FONT></P>
<P style="text-align: left;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">THE FUND COLLECTS INFORMATION IN ORDER TO SERVICE AND ADMINISTER YOUR ACCOUNT.</FONT></B></P>
<P style="text-align: left;">
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">The Fund collects a variety of nonpublic personal information, which may include:</FONT></P>
<UL>
<LI>
<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Information we receive from you, such as your name, address, and</FONT> <FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">social security number.</FONT></P></LI>
<LI>
<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Information about your transactions with us, such as the purchase</FONT> <FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">or sale of Fund shares.</FONT></P></LI>
<LI>
<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Information we receive from agents and service providers, such</FONT> <FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">as proxy voting information.</FONT></P></LI>
</UL>
<P style="text-align: left;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">THE FUND DOES NOT SHARE NONPUBLIC PERSONAL INFORMATION WITH ANYONE, EXCEPT AS PERMITTED BY LAW.</FONT></B></P>
<P style="text-align: left;">
<B><I><FONT color="#141414" size=2 face="Bembo-BoldItalic,Times New Roman,Times,serif">Thank you for this opportunity to serve you.</FONT></I></B></P>
<P style="text-align: left;">
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.</FONT></P>
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<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Not FDIC-Insured &#149; Not Bank-Guaranteed &#149; May Lose Value</FONT>&nbsp;</TD>
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<P align="justify"><FONT color="#141414" size=7 face="Interstate-Light,Arial,Helvetica,sans-serif">Contents</FONT></P>
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<P align="justify"><FONT color="#141414" size=3 face="Interstate-Light,Arial,Helvetica,sans-serif">THE FUND</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">2</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">A Letter from the President</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">3</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Discussion of Fund Performance</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">6</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Selected Information</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">7</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Investments</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">24</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Assets and Liabilities</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">25</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Operations</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">26</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Cash Flows</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">27</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Changes in Net Assets</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">28</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Financial Highlights</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">30</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Notes to Financial Statements</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">41</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Report of Independent Registered Public Accounting Firm</FONT></P>
	</TD>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">42</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Additional Information</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">45</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Important Tax Information</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">46</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Proxy Results</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">47</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Information About the Renewal of the Fund&#146;s Investment Advisory Agreement</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">52</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Board Members Information</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">55</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Officers of the Fund</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">57</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Officers and Directors</FONT></P>
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<TD width="10%">&nbsp;</TD>	<TD width="90%">
<P align="justify"><FONT color="#141414" size=3 face="Interstate-Light,Arial,Helvetica,sans-serif">FOR MORE INFORMATION</FONT></P>
	</TD>
</TR>
<TR>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Back Cover</FONT></P>
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<FONT color="#141414" size=2 face="Interstate-Regular,Arial,Helvetica,sans-serif">Dreyfus</FONT><BR>
<FONT color="#141414" size=2 face="Interstate-Regular,Arial,Helvetica,sans-serif">Strategic Municipal Bond Fund, Inc.</FONT></P>
<P style="text-align: left;">
<FONT color="#141414" size=7 face="Interstate-Light,Arial,Helvetica,sans-serif">The Fund</FONT></P>
<P style="text-align: left;">
<FONT color="#141414" size=3 face="Interstate-Light,Arial,Helvetica,sans-serif">A LETTER FROM THE PRESIDENT</FONT></P>
<P style="text-align: left;">
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Dear Shareholder:</FONT></P>
<P style="text-align: left;">
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">We are pleased to present this annual report for Dreyfus Strategic Municipal Bond Fund, Inc., covering the 12-month period from December 1, 2011, through November 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;">
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">The municipal bond market generally advanced over the past year in response to positive supply-and-demand dynamics, improving credit conditions, and investors&#146; changing expectations of global and domestic economic conditions.While monthly variations in economic data were pronounced, the longer-term pace of U.S. economic growth has been relatively consistent at about half the average rate achieved in prior recoveries. However, a number of macroeconomic headwinds remain, including uncertainty regarding U.S. fiscal and tax policies and the ongoing effects of the European financial crisis.</FONT></P>
<P style="text-align: left;">
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">In light of these factors, the U.S. economic recovery appears likely to persist at subpar levels over the first half of 2013. However, the nation&#146;s easy monetary policy and a favorable resolution of the fiscal debate may prompt corporate decision-makers to increase capital spending, which could have positive implications for the U.S. economy and most states&#146; fiscal conditions later in the year.As always, we encourage you to stay in touch with your financial advisor as new developments unfold.</FONT></P>
<P style="text-align: left;">
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Thank you for your continued confidence and support.</FONT></P>
<P style="text-align: left;">
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Sincerely,</FONT></P>
<IMG src="smbncsrx4x1.jpg" border=0>
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<P style="text-align: left;">
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">J. Charles Cardona</FONT><BR>
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">President</FONT><BR>
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">The Dreyfus Corporation</FONT><BR>
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">December 17, 2012</FONT></P>
<P style="text-align: left;">
<B><FONT color="#141414" size=1 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">2</FONT></B></P>
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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 December 1, 2011, through November 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 November 30, 2012, Dreyfus Strategic Municipal Bond Fund, Inc. achieved a total return of 22.46% 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 $0.57 per common share, which reflects a distribution rate of 5.82%.</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 continued to support municipal bond prices over the reporting period. The fund&#8217;s results benefited from a long average duration and its leveraging strategy, both of which enabled it to participate more fully in market rallies.</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 seeks to maximize current income exempt from federal income tax to the extent believed by Dreyfus to be consistent with the preservation of capital. In pursuing this goal, the fund invests at least 80% of its assets in municipal bonds. Under normal market conditions, the weighted average maturity of the fund&#8217;s portfolio is expected to exceed 10 years. Under normal market conditions, the fund invests at least 80% of its net assets in municipal bonds considered investment grade or the unrated equivalent as determined by Dreyfus.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund also has issued auction-rate preferred stock (ARPS), a percentage of which remains outstanding from its initial public offering, and has invested the proceeds in a manner consistent with its investment objective.This, along with the fund&#8217;s participation in secondary inverse floater structures, has the effect of &#8220;leveraging&#8221; the portfolio, which can magnify gain and loss potential depending on market conditions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Over time, many of the fund&#8217;s older, higher yielding bonds have matured or were redeemed by their issuers.We have attempted to replace those bonds with investments consistent with the fund&#8217;s investment policies. We have also sought to upgrade the</FONT></P>

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

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

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

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>fund with newly issued bonds that, in our opinion, have better structural or income characteristics than existing holdings.When such opportunities arise, we usually look to sell bonds that are close to their optional redemption date or maturity.</FONT></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>Most financial markets were rallying at the start of the reporting period amid U.S. employment gains and a quantitative easing program in Europe. Investors grew more tolerant of risks, focusing more on underlying fundamentals and less on macroeconomic developments.These positive influences were called into question during the spring, when the U.S. labor market&#8217;s rebound slowed and measures designed to relieve fiscal pressures in Europe encountered resistance. Although these headwinds temporarily sparked a flight to perceived safe havens, municipal bonds remained strong across the credit-quality range, in part due to robust demand from investors seeking competitive levels of after-tax income.</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 falling long-term interest rates stemming from stimulative measures by the Federal Reserve Board over the summer. Meanwhile, new issuance volumes remained relatively low when political pressure led to less borrowing for capital projects. Instead, municipalities primarily issued new bonds to refinance older debt, resulting in a net decrease in the supply of tax-exempt securities. From a credit quality perspective, most states have seen their credit fundamentals improve along with the U.S. economy.While a number of pressures continue to burden the finances of state and municipal governments, many have made the difficult decisions required to shore up their fiscal conditions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>In this environment, lower rated and longer maturity municipal bonds led the market higher, while highly rated and shorter term securities generally lagged market averages.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Longer Maturities Supported Relative Performance</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund&#8217;s relative performance was buoyed by a relatively long average duration, which increased its participation in gains at the longer end of the maturity spectrum. In addition, the fund benefited from overweighted exposure to high yield municipal bonds, as well as to bonds backed by revenues from municipal projects, particularly those issued to finance hospitals and industrial development projects.The fund&#8217;s returns</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>also were bolstered by bonds backed by the states&#8217; settlement of litigation with U.S. tobacco companies. Finally, the fund&#8217;s leveraging strategy magnified the market&#8217;s gains.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>These positive factors were partly offset by our ongoing efforts to upgrade the fund&#8217;s overall credit quality, which may have been premature as lower quality bonds outpaced their higher quality counterparts. Moreover, the fund encountered shortfalls among Puerto Rico municipal bonds, which are tax-exempt for residents of most states. Puerto Rico bonds suffered amid a weak local economy and rising fiscal pressures from unfunded pension liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Adjusting to Changing Market Conditions</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 we remain aware that the U.S. economy is still vulnerable to uncertainty regarding future tax and fiscal policies. We expect market volatility to increase at times as lawmakers attempt to address these issues.Therefore, we have continued our efforts to upgrade the fund&#8217;s credit quality, and we have retained the fund&#8217;s emphasis on longer maturity municipal bonds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>December 17, 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, all of which are more fully described in the fund&#8217;s prospectus. 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. Income may be subject to state and local taxes, and some income may be</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>subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.</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 figures provided reflect the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an</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>undertaking in effect through May 31, 2013, at which time it may be extended, terminated or modified. Had these</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>expenses not been absorbed, the fund&#8217;s returns 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>November 30, 2012 (Unaudited)</FONT></P>

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="69%"></TD>

   <TD width="6%"></TD>

   <TD width="24%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Market Price per share November 30, 2012</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>9.79</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Shares Outstanding November 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>48,985,391</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New York Stock Exchange Ticker Symbol</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>DSM</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=2>MARKET PRICE (NEW YORK STOCK EXCHANGE)</FONT></B></P>

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<TABLE cellSpacing=0 border=0>



<TR>

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

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

   <TD width="21%"></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <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 colSpan=3><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Fiscal Year Ended November 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=center bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Quarter</FONT></B>&nbsp;</TD>

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

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

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

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

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

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

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

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

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

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

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

   <TD align=center 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=center bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>February 29, 2012</FONT></B>&nbsp;</TD>

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

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>November 30, 2012</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>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=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>$</FONT>9.04</FONT>&nbsp;</TD>

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

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

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

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>$</FONT>9.49</FONT>&nbsp;</TD>

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

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>$</FONT>9.88</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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=center 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=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.24</FONT>&nbsp;</TD>

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

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.83</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD 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=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.91</FONT>&nbsp;</TD>

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

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.10</FONT>&nbsp;</TD>

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

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.49</FONT>&nbsp;</TD>

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

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.79</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=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></P>

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="79%"></TD>

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

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

   <TD width="4%"></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>November 22, 1989 (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: 14.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>through November 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>362.97</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>December 1, 2002 through November 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>140.32</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>December 1, 2007 through November 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>76.34</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 1, 2011 through November 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>24.46</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 1, 2012 through November 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>15.24</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 1, 2012 through November 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>11.00</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 1, 2012 through November 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>4.74</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>November 22, 1989 (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><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>$</FONT>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>November 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>8.10</FONT></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>February 29, 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>8.70</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>May 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>8.82</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>August 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>8.99</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>November 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>9.30</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>PERCENTAGE GAIN </FONT></B><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=2>based on change in Net Asset Value*</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: 7.997pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>November 22, 1989 (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: 14.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>through November 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>371.60</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>December 1, 2002 through November 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>110.16</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 1, 2007 through November 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>51.35</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 1, 2011 through November 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>22.46</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 1, 2012 through November 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>12.12</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 1, 2012 through November 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>8.79</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 1, 2012 through November 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>5.03</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="7%"></TD>

   <TD width="92%"></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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<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 INVESTMENTS</FONT><BR><BR><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>November 30, 2012</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

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

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

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

   <TD width="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>&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;141.9%</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>2,000,000</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>2,002,800</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>1,000,000</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>990,730</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;2.3%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD 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>6/1/32</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>2,265,525</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>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>9,465,000</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,069,196</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;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>

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (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>13,198,367</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>15,266,411</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>7.00</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>6,010,000</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>6,393,378</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>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/26</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>3,977,120</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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, IDR (Tucson</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 Power Company 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>9/1/29</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>6,396,180</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>1,000,000</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>1,206,840</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;15.9%</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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (Los Angeles</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR 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 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,c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,183,864</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: 8.008pt" 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>7,800,000</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,529,728</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

<TR vAlign=bottom>

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

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

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

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



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

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS </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=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>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>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>3/1/33</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,250,000</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,895,953</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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>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>6,430,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>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>6,336,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>3,000,000</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>3,372,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>(Front Porch Communities 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>Services 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>4/1/37</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,975,000</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>5,185,443</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>&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>1,847,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>and Power, Power 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>7/1/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,885,000</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>3,383,095</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>Los Angeles Department of Water</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>and Power, 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>&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>5,939,900</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>Sacramento City Unified School</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>District, GO (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>0.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/24</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,220,000</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>3,254,357</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>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 and</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,000,000</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>4,809,960</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>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: 8.008pt" 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>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>1,894,935</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>San Diego Public Facilities</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,500,000</FONT>&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>2,931,225</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>Santa Margarita/Dana Point</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 (Santa</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Numbers 2,3 and 4)</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>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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,917,250</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>&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>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>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>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>2,424,740</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%</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>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>785,000</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>835,774</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Connecticut&#8212;1.1%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR 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 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>Revenue (American REF-FUEL</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 of Southeastern</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 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>11/15/22</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,985,000</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>4,994,372</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;5.6%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

<TR 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, 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>

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

<TR 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>

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

<TR 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>

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

<TR 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>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>4,189,885</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>

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

<TR vAlign=bottom>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</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>6,595,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Retirement&#8212;Life Communities, Inc.</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/33</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,825,000</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>7,642,635</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>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>

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

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" 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>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>3,986,675</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR 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, Inc.)</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>4/1/39</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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,930,125</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>Georgia&#8212;3.6%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/26</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,500,000</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>4,113,130</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>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>

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

<TR vAlign=bottom>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/28</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,865,000</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>6,082,710</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="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>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>

   <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>

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

<TR 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>

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

<TR 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>5.25</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>1,000,000</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>1,167,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.45</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/31</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><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>2,503,875</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>Savannah 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, EIR (International</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/27</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,670,000</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>2,751,568</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>Hawaii&#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>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>

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

<TR 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>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Hawai&#8217;i Pacific</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.63</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>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>2,870,025</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>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>

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

<TR 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 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>(Hawaiian Electric Company, Inc.</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 Subsidiary Projects)</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>7/1/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&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>2,369,500</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>Idaho&#8212;.0%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Idaho 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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Association, SFMR</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.35</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>185,000</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>185,414</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>Illinois&#8212;2.0%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR 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>

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

<TR vAlign=bottom>

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

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,000,000</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>3,605,760</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>Illinois Finance Authority,</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 (Sherman</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 Systems)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/37</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,020,000</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>1,134,291</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>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>

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR 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>3,600,000</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>4,437,180</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>Indiana&#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>Indianapolis Local Public</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR 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 (Indianapolis</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 Authority Project)</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</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>3,000,000</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>3,190,410</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 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>

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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>

<TR vAlign=bottom>

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

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

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

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

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

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

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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>Tobacco Settlement Authority of</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.60</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/34</FONT>&nbsp;</TD>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,958,420</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>Kentucky&#8212;.3%</FONT></B>&nbsp;</TD>

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

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

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

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

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

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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>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>

<TR 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 (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>

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

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

<TR vAlign=bottom>

   <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>

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

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

<TR 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>6.13</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>1,000,000</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>1,277,170</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>Louisiana&#8212;1.2%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,987,000</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>795,297</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/32</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>4,540,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Maine&#8212;.6%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" 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>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>2,601,760</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;11.5%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>of 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>10,200,000</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>11,904,522</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>6,400,000</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>7,952,256</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/34</FONT>&nbsp;</TD>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12,442,300</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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<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="40%"></TD>

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

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

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

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

<TR vAlign=bottom>

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

<TR 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, Revenue (Tufts 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 Issue)</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>1/1/32</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>3,219,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

<TR vAlign=bottom>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,943,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Massachusetts Housing 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>Agency, Housing Revenue</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>12/1/38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,575,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,343,509</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 Housing 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>Agency, SFHR</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>12/1/31</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,575,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,788,021</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&#8212;8.3%</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>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>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></TR>

<TR 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></TR>

<TR 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>3,500,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,469,675</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></TR>

<TR 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></TR>

<TR 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>3,780,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,116,760</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></TR>

<TR 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></TR>

<TR 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>7/1/36</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,290,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,518,359</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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></TR>

<TR 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 (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></TR>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,107,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Fund 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>10/1/31</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>2,483,820</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

<TR 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 (State of Michigan</FONT>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Building Project)</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>10/15/31</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,500,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,270,265</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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></TR>

<TR vAlign=bottom>

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

<TR 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>6,620,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,620,927</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

<TR 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 (William Beaumont</FONT>&nbsp;</TD>

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

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

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

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

<TR 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 Obligated Group)</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>9/1/29</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,501,500</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12</FONT></B></P></DIV>

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

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

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

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

<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>

   <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>Airport Revenue (Detroit</FONT>&nbsp;</TD>

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

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

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

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

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

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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>Metropolitan Wayne County</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" 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>2,450,000</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>2,557,800</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>Minnesota&#8212;.6%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>of Minnesota, 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 Revenue Bonds</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>3/1/31</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>2,815,025</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>Nevada&#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>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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Passenger Facility Charge</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/30</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&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>5,773,650</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 Jersey&#8212;3.5%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, School Facilities</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Construction 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>12/15/29</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&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>5,988,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New 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: 8.008pt" 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: 8.008pt" 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: 8.008pt" 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>2,500,000</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>2,566,575</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>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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Water 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>Revenue (New Jersey&#8212;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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Water Company, Inc. Project)</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>10/1/39</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>3,418,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation of New Jersey,</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/23</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,475,000</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>1,467,684</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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation of New Jersey,</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/41</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,000,000</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>904,540</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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation of New Jersey,</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,595,000</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>1,649,405</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

<TR vAlign=bottom>

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

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>13</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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

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



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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS </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="13%"></TD>

   <TD width="14%"></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>&nbsp;</TD>

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New Mexico&#8212;1.2%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>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>5,638,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New York&#8212;15.4%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.999pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Port Authority of New York</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 New Jersey, Consolidated</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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, 151st 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>9/15/28</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,c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12,068,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Future Tax 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>5/1/30</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,488,203</FONT>&nbsp;</TD>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,317,798</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 (New York City</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/27</FONT>&nbsp;</TD>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,395,750</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>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/18</FONT>&nbsp;</TD>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,302,750</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>Long Island Power 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>Electric System General 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>4/1/33</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>3,843,960</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: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Transportation</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>11/15/23</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,425,000</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>12,139,589</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>1,500,000</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>1,822,470</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/28</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,785,000</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>3,636,792</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Properties, LLC 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>7/1/22</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,165,000</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>2,357,490</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>14</FONT></B></P></DIV>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Agency, 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>Facility 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: 8pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Airlines, Inc. John F. Kennedy</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/31</FONT>&nbsp;</TD>

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

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

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,284,650</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>6.25</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>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>2,804,625</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 (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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>County Judicial Facility)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/15/14</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>605,000</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>650,526</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>Niagara Area 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, Solid Waste</FONT>&nbsp;</TD>

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

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

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

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

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

<TR 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 Facility Revenue</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Covanta Energy Project)</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>11/1/42</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>2,042,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New 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: 8.008pt" 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: 8.008pt" 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>4,710,000</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>5,634,620</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>North Carolina&#8212;2.6%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

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

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

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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 (Duke University</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health System))</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/42</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>11,917,700</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;5.8%</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>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: 8.008pt" 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>5.88</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>2,500,000</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>2,229,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>3,000,000</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>3,412,890</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cleveland,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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 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>1/1/30</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,322,060</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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<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="39%"></TD>

   <TD width="13%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD>

   <TD width="5%"></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>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.543pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>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>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>4,200,000</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>5,097,834</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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Fairfax Village Red Bank</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" 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>2,530,000</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>2,206,615</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>Southeastern Ohio Port Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Hospital Facilities Improvement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue (Memorial 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>System Obligated Group 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>12/1/42</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>2,187,220</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>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>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>3,095,400</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>University of Akron,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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 Receipts 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>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/22</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>6,050,650</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;.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>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>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>1,592,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Pennsylvania&#8212;2.0%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>3,457,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Philadelphia,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GO</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/41</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,700,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,875,940</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Rhode Island&#8212;1.4%</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>Rhode Island Health and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Educational Building 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>Hospital Financing 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>(Lifespan Obligated Group Issue)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,173,200</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>

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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>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tennessee&#8212;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>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>

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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>Nashville and Davidson County</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>

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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>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>(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>10/1/29</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,500,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,117,000</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>Metropolitan Government of</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Nashville and Davidson County</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health and Educational</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Facilities Board, Revenue (The</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Vanderbilt University)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/34</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>3,709,800</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>Texas&#8212;20.2%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (Leander Independent</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>School District, Unlimited Tax</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>School Building Bonds</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Permanent School Fund</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Guarantee Program))</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/15/40</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,997,299</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>11,778,299</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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (Texas A&amp;M University</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>System Board of Regents,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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 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>5/15/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>13,160,000</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>15,332,321</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dallas 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: 8.008pt" 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: 8.008pt" 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>11/1/42</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><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>5,548,000</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>Dallas-Fort Worth International</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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 Facility Improvement</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporation, 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>(Learjet Inc. Project)</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>1/1/16</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>c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,005,820</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: 8.008pt" 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: 8.008pt" 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>&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>1,029,480</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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Development Corporation, HR</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Memorial Hermann</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" 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>9,290,000</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>11,797,835</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: 8.008pt" 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: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Lien Revenue (Insured; Assured</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/36</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&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>6,276,650</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>17</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS </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="13%"></TD>

   <TD width="12%"></TD>

   <TD width="14%"></TD>

   <TD width="3%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.542pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Texas (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>Love Field Airport Modernization</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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, 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>Facilities Revenue (Southwest</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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 Company&#8212;Love Field</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Modernization Program 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>11/1/28</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,000,000</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>1,088,880</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>Matagorda County Navigation</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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 Number One, 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>(Houston Lighting 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>Power Company Project)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Insured; AMBAC)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.13</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>4,295,000</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>5,283,537</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>14,705,000</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>17,339,401</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>North Texas Tollway Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" 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>6,650,000</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>7,504,857</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 and</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Community Affairs, Home</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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 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>(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>11.67</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>550,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>g</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>572,418</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Texas Turnpike Authority,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Central Texas Turnpike System</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" 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>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/15/42</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,375,000</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>5,397,414</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Vermont&#8212;.9%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Burlington,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/18</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><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>4,000,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Virginia&#8212;7.7%</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>Henrico 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, 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>(Bon Secours Health System)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(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>11.20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/23/27</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,050,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>g</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,558,249</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>Virginia 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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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 Board,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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><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>11,058,271</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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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 Board,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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><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>4,996,608</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>18</FONT></B></P></DIV>

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   <TD 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=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>Virginia (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>Virginia Housing 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, 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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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 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>7/1/31</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,845,000</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>5,630,229</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Washington 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, 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>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Mountain States Health Alliance)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.75</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>3,000,000</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>3,784,350</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>Washington&#8212;5.3%</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>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receipts (King County,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sewer Revenue)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/1/29</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,577,246</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>10,435,846</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Seattle,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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>9/1/24</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000,000</FONT>&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>6,410,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Washington Health Care Facilities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Authority, Mortgage Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Highline Medical Center)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Collateralized; FHA)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/36</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,975,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,306,170</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;1.9%</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>The County Commission of Harrison</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>County, SWDR (Allegheny Energy</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Supply Company, LLC Harrison</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Station Project)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/15/37</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,920,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,462,758</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;1.2%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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 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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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 (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>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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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>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>1,500,000</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>1,533,180</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>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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Facilities Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(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>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>4,049,560</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>U.S. Related&#8212;6.3%</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>Puerto Rico Aqueduct 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: 8.009pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sewer 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>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>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>5,125,400</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>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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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>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>1,596,525</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>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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,734,389</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>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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,746,468</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>19</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="38%"></TD>

   <TD width="13%"></TD>

   <TD width="12%"></TD>

   <TD width="14%"></TD>

   <TD width="2%"></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>

   <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>U.S. Related (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>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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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, 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>7/1/24</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,895,000</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>2,058,292</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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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, 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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,714,725</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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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, 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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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>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>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>11,357,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Virgin Islands 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>Authority, Revenue (Virgin</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Islands Matching 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>Loan Notes) (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/Capital 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>10/1/39</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,250,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,336,000</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>

   <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>(cost $561,775,186)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>646,723,815</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#e8e8e8 colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>Short-Term Municipal</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: 5.452pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>Investments&#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 align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California&#8212;.0%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>California Infrastructure 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>Economic Development Bank,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Revenue, Refunding (Los</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Angeles County Museum 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>Natural History Foundation)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(LOC; Wells Fargo Bank)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>0.14</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/3/12</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>100,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><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>100,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New York&#8212;.2%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<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></TR>

<TR 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></TR>

<TR 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>0.16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/3/12</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=right bgColor=#e8e8e8><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>500,000</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 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>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></TR>

<TR 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>12/3/12</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>400,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><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>400,000</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>Short-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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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=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 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>

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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;.5%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

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   <TD align=left bgColor=#e8e8e8>&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>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>

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   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health System 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>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR 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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(Liquidity Facility; 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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" 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>12/3/12</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,300,000</FONT></TD>

   <TD align=left bgColor=#e8e8e8><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>2,300,000</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></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 $3,300,000)</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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,300,000</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#e8e8e8 colSpan=7>&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 $565,075,186)</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>142.6</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>650,023,815</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>(12.0</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>%)</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(54,817,882</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>(30.6</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>(139,500,000</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 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=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>455,705,933</FONT></B></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 align=left width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>a Collateral for floating rate borrowings.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>b Securities exempt from registration 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 November 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 $144,147,455 or 31.6% 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 At November 30, 2012, the fund had $145,001,934 or 31.8% of net assets applicable to Common Shareholders</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.999pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>invested in securities whose payment of principal and interest is dependent upon revenues generated from transportation.</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 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>e 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>f Non-income producing&#8212;security 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>g 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>November 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>h Variable rate demand note&#8212;rate shown is the interest rate in effect at November 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>

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<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>21</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>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>

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   <TD width="37%"></TD>

   <TD width="13%"></TD>

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   <TD style="TEXT-INDENT: 0.001pt" 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>

<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>ABAG</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>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 style="TEXT-INDENT: 0pt" 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: 9.582pt" 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 style="TEXT-INDENT: 0pt" 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: 0.083pt" 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 style="TEXT-INDENT: 0pt" 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: 0.083pt" 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: 9.582pt" 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 style="TEXT-INDENT: 0pt" 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: 0.083pt" 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 style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Bond Purchase Agreement</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" 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: 0.083pt" 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 style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Certificate of Participation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" 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: 0.083pt" 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: 0.001pt" 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: 0pt" 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>

<TR vAlign=bottom>

   <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: 0pt" 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 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 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 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: 0pt" 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: 0pt" 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: 0pt" 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: 0.001pt" 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: 0.001pt" 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: 0pt" 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: 0.001pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>PILOT</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Payment in Lieu of Taxes</FONT>&nbsp;</TD></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: 0.001pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>PUTTERS</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 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: 0.002pt" 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: 0.002pt" 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: 0.001pt" 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: 0.001pt" 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: 0.084pt" 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: 0.001pt" 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: 0.084pt" 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: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>State of New York Mortgage Agency</FONT>&nbsp;</TD></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>SPEARS</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>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: 0.001pt" 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: 9.583pt" 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: 0.001pt" 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: 0.084pt" 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: 0.001pt" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Tax Anticipation Warrants</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" 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: 0.084pt" 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: 0.001pt" 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>

<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 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>

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   <TD bgColor=#e8e8e8 colSpan=6>&nbsp;</TD></TR>

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   <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>6.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>31.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>32.9</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>19.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>4.2</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>2.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Not Rated</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>i</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>i</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>i</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2.9</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>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="99%"></TD></TR>

<TR vAlign=bottom>

   <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>i 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>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>23</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<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 ASSETS AND LIABILITIES</FONT><BR><BR><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>November 30, 2012</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="15%"></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>565,075,186</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>650,023,815</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>9,175,347</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>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>12,918</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>659,212,080</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(a)</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>310,211</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>2,274,752</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>57,128,615</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>4,000,000</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>120,965</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>7,624</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>3,481</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>160,499</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>64,006,147</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>Auction Preferred Stock, </FONT></B><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Series A, B and C, par value</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: 7.999pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>$.001 per share (5,580 shares issued and 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></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>at $25,000 per share liquidation value)&#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>139,500,000</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>455,705,933</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>(48,985,391 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>48,985</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>417,643,042</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>7,188,167</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>(54,122,890</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>84,948,629</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>455,705,933</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>(110 million shares of $.001 par value Common Stock 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>48,985,391</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>9.30</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>

<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>

<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 OPERATIONS</FONT><BR><BR><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Year Ended November 30, 2012</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="79%"></TD>

   <TD width="16%"></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>31,242,091</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>Investment advisory 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>2,839,818</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>Administration 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>1,419,909</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>418,379</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>237,103</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>97,713</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(b)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>75,592</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>50,235</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>47,095</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</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>25,397</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(a)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,941</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>65,122</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>5,278,304</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>(567,891</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>Less&#8212;reduction in administration 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>(127,002</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>4,583,411</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>26,658,680</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>2,528,678</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>2,571,654</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>57,696,686</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>60,268,340</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>(358,587</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 Applicable to</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>&nbsp;&nbsp; Common Shareholders Resulting from Operations</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>86,568,433</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>

<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>25</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>STATEMENT OF CASH FLOWS</FONT><BR><BR><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>November 30, 2012</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="15%"></TD>

   <TD width="3%"></TD>

   <TD width="14%"></TD>

   <TD width="3%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cash Flows from Operating Activities ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=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>32,650,302</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>(4,143,141</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>(358,273</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 long-term portfolio securities</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(93,649,912</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>2,000,000</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 long-term portfolio securities</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>89,476,834</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>26,018,786</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>(25,817,910</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 floating rate notes issued</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(412,744</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>(26,230,654</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>Decrease in cash</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>(211,868</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>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>(2,062,884</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>(2,274,752</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>86,568,433</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>Adjustments to reconcile net increase in net assets applicable</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=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>to Common Shareholders resulting from operations to</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=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>(7,785,784</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 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>3,084,028</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 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>567,266</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>Increase 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>1,747</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 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>2,302</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>Increase in Due to The Dreyfus Corporation and affiliates</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>17,842</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>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>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>Interest and expense related to floating rate notes issued</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>418,379</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>(57,696,686</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>840,945</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>26,018,786</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>2,038,862</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>26</FONT></B></P></DIV>

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_31"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>STATEMENT OF CHANGES IN NET ASSETS</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="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 November 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>26,658,680</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>27,805,189</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>2,571,654</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>(21,888,260</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>57,696,686</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>33,481,801</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 to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(358,587</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>(436,571</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>Applicable to Common Shareholders</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>86,568,433</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>38,962,159</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>(27,856,772</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>(27,730,629</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>2,038,862</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>1,430,458</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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#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>Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>60,750,523</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>12,661,988</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</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>Common Shareholders($):</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>394,955,410</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>382,293,422</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>455,705,933</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>394,955,410</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>7,188,167</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>8,944,685</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 Common 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>

   <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>as 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>233,568</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>185,781</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>27</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=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 dis-tributions.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="10%"></TD>

   <TD width="3%"></TD>

   <TD width="9%"></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 November 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>8.10</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>7.87</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>7.93</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>6.76</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>8.60</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>.55</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>.57</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>.59</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>.64</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>.63</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>1.23</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>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.10</FONT></TD>

   <TD align=left bgColor=#e8e8e8><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>1.02</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>(1.86</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=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</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>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>(.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>(.03</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>(.14</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>Total from Investment Operations</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.77</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>.80</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>1.63</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>(1.37</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>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 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>(.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>(.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>(.54</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>(.46</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>(.47</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 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>9.30</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>8.10</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>7.87</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>7.93</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>6.76</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>9.79</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>8.39</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>7.94</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>7.58</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>5.53</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>24.46</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>13.67</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>11.95</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>46.74</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>(24.12</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>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>28</FONT></B></P></DIV>

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<TR>

   <TD width="41%"></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 November 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</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.122pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>average net assets applicable</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.122pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to Common Stock</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.23</FONT>&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>1.30</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.37</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.44</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 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>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>1.07</FONT>&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>1.16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.30</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 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>.07</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.01</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.12</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 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</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>applicable to Common Stock</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.22</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.36</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.30</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.65</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.89</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 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>.93</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.95</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.91</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.90</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.98</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 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: 8.125pt" 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>.81</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.85</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.81</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.80</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.88</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</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</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><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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=left bgColor=#e8e8e8>&nbsp;</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>.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>.05</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.01</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.08</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>4.69</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.36</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.11</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.68</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.34</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>15.99</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>20.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>25.94</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>31.59</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>53.01</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: 8.124pt" 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>427</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>383</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>356</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>307</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>276</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 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: 8.126pt" 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>455,706</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>394,955</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>382,293</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>384,457</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>327,879</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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: 8.126pt" 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>139,500</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>139,500</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>149,475</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>186,000</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>186,000</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>

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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>29</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>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 Municipal Bond Fund, 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 Amex (the &#8220;NYSE&#8221;) under the ticker symbol DSM.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund has outstanding 1,860 shares of Series A, Series B and Series C, for a total of 5,580 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 liquidation). 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>

<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</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>30</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>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>

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<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>31</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS </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>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 among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>32</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>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 within 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 November 30, 2012 in valuing the fund&#8217;s investments:</FONT></P>

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<TR>

   <TD width="24%"></TD>

   <TD width="15%"></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>

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   <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>

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   <TD align=left colSpan=2><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investments in Securities:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Municipal Bonds</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>650,023,815</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>650,023,815</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

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   <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>

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   <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>(57,128,615</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>(57,128,615</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>

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   <TD width="97%"></TD></TR>

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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>Certain of the fund&#8217;s liabilities are held at carrying amount, which approximates fair value for</FONT></I>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>financial reporting purposes.</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>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>At November 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 Shareholder(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) as defined in the 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>On November 29, 2012, the Board declared a cash dividend of $0.0475 per share from investment income-net, payable on December 31, 2012 to Common Shareholders of record as of the close of business on December 14, 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</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>rates as of November 30, 2012, for each Series of APS were as follows: Series A-0.274%, Series B-0.274% and Series C-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 November 30, 2012 for each Series of APS were as follows: Series A-0.266%, Series B-0.257% and Series C-0.248%.</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 November 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 November 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 November 30, 2012, the components of accumulated earnings on a tax basis were as follows: tax-exempt income $8,370,654, accumulated capital losses $54,159,939 and unrealized appreciation $85,125,681. In addition, the fund had $140,003 of capital losses realized after October 31, 2012, which were deferred for tax purposes to the first day of the following fiscal year.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Under the Regulated Investment Company Modernization Act of 2010 (the &#8220;2010 Act&#8221;), the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (&#8220;post-enactment losses&#8221;) for an unlimited period. Furthermore, post-enactment</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>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>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 November 30, 2012. If not applied, $1,427,978 of the carryover expires in fiscal year 2015, $5,522,685 expires in fiscal year 2016, $20,261,695 expires in fiscal year 2017, $5,075,623 expires in fiscal year 2018 and $21,871,958 expires in fiscal year 2019.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The tax character of distributions paid to shareholders during the fiscal periods ended November 30, 2012 and November 30, 2011 were as follows: tax-exempt income $27,885,959 and $28,038,726 and ordinary income $329,400 and $128,474, respectively.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>During the period ended November 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 $199,839, increased accumulated net realized gain (loss) on investments by $8,084,079 and decreased paid-in capital by $7,884,240. 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 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</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>36</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>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;Investment Advisory Fee, Administration 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>The fee payable by the fund, pursuant to the provisions of an Investment Advisory Agreement with Dreyfus, is payable monthly based on an annual rate of .50% of the value of the fund&#8217;s average weekly net assets (including net assets representing APS outstanding).The fund also has an Administration Agreement with Dreyfus, a Custody Agreement with The Bank of New York Mellon (the &#8220;Custodian&#8221;), a subsidiary of BNY Mellon and an affiliate of Dreyfus, and a Transfer Agency and Registrar Agreement with BNY Mellon Investment Servicing (US) Inc., a subsidiary of BNY Mellon and an affiliate of Dreyfus.The fund pays in the aggregate for administration, custody and transfer agency services a monthly fee based on an annual rate of .25% of the value of the fund&#8217;s average weekly net assets (including net assets representing APS outstanding). All out of pocket transfer agency and custody expenses, including custody transaction expenses, are paid separately by the fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dreyfus has agreed, from December 1, 2011 through May 31, 2013, to waive receipt of a portion of the fund&#8217;s investment advisory fee, in the amount of .10% of the value of the fund&#8217;s average weekly net assets (including net assets representing APS outstanding).The reduction in expenses, pursuant to the undertaking, amounted to $567,891 during the period ended November 30, 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>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>Dreyfus has also agreed, until November 30, 2012, to waive a receipt of a portion of the fund&#8217;s administration fee.The reduction in administration fee, pursuant to the undertaking, amounted to $127,002 during the period ended November 30, 2012.</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>The fund compensates the Custodian under a custody agreement for providing custodial services for the fund. During the period ended November 30, 2012, the fund was charged $1,941 for out-of-pocket and custody transaction expenses, pursuant to the custody agreement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>During the period ended November 30, 2012, the fund was charged $8,650 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 toThe Dreyfus Corporation and affiliates&#8221; in the Statement of Assets and Liabilities consist of: investment advisory fees $352,328, administration fees $2,131, Custodian out of pocket fees $715 and Chief Compliance Officer fees $3,318, which are offset against an expense reimbursement currently in effect in the amount of $48,281.</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>Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>NOTE 3&#8212;Securities Transactions:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The aggregate amount of purchases and sales of investment securities, excluding short-term securities and swap transactions, during the period ended November 30, 2012, amounted to $96,733,940 and $89,476,834, respectively.</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"><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 November 30, 2012, was approximately $57,128,600, with a related weighted average annualized interest rate of .73%.</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 November 30, 2012 is discussed below.</FONT></P>

<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>

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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>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>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 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.At November 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 November 30, 2012, the cost of investments for federal income tax purposes was $507,769,519; accordingly, accumulated net unrealized appreciation on investments was $85,125,681, consisting of $86,536,256 gross unrealized appreciation and $1,410,575 gross unrealized depreciation.</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=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>REPORT OF INDEPENDENT REGISTERED</FONT><BR><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>PUBLIC ACCOUNTING FIRM</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Shareholders and Board of Directors Dreyfus Strategic Municipal Bond Fund, 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 Municipal Bond Fund, Inc., including the statement of investments, as of November 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 November 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 Municipal Bond Fund, Inc. at November 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 January 28, 2013</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=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 BNY Mellon Investment Servicing (US) Inc., 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 name may elect to withdraw from the Plan at any time for a $5.00 fee and thereby elect to receive cash in lieu of shares of the fund. Changes in elections must be in writing, sent to BNY Mellon Investment Servicing (US) Inc., c/o Shareholder Investment Plan, 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"><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</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>42</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>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 Agent&#8217;s open market purchases in connection with the reinvestment of dividends or distributions.</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 dividend or distribution paid subsequent to written 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>

<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 less than the entire amount of net investment income earned in any particular month and may at times in any month pay out such 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 issues Preferred Stock and floating rate notes, which pay dividends or interest at prevailing short-term</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>43</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="Bembo,Times New Roman,Times,serif" color=#141414 size=2>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 floating rate notes, then the risk of leveraging will begin to outweigh the benefits.</FONT></P>

<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 November 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 changes in the person primarily responsible for the day-to-day management of the fund&#8217;s portfolio.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>44</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=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 November 30, 2012 as &#8220;exempt-interest dividends&#8221; (not generally subject to regular federal income tax), except $329,400 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>

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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>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 width="8%"></TD>

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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=InterstateLight-NonKern,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=InterstateLight-NonKern,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=InterstateLight-NonKern,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 four Class I 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>Joseph S. DiMartino</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>37,758,621</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>3,871</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>William Hodding Carter III</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>37,522,356</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>3,871</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>Joni Evans</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>37,630,329</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>3,871</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>Richard C. Leone</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>37,687,633</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>3,871</FONT>&nbsp;</TD></TR>

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   <TD colSpan=4>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>&#8224; The terms of these Class I Directors expire in 2015.</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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<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=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>INFORMATION ABOUT THE RENEWAL OF THE FUND&#8217;S</FONT><BR><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>INVESTMENT ADVISORY AGREEMENT </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>At a meeting of the fund&#8217;s Board of Directors held on November 5-6, 2012, the Board considered the renewal of the fund&#8217;s Management Agreement pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the &#8220;Agreement&#8221;).The Board members, none of whom are &#8220;interested persons&#8221; (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from Dreyfus representatives. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below.The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Analysis of Nature, Extent, and Quality of Services Provided to the Fund.</FONT></U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board considered information previously provided to them in presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex, and Dreyfus representatives confirmed that there had been no material changes in this information. Dreyfus provided the number of open accounts in the fund, the fund&#8217;s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or Dreyfus) and Dreyfus&#8217; corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board also considered research support available to, and portfolio management capabilities of, the fund&#8217;s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements.The Board also considered Dreyfus&#8217; extensive administrative, accounting, and compliance infrastructures.</FONT></P>

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   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>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>INFORMATION ABOUT THE RENEWAL OF THE FUND&#8217;S</FONT><BR><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>INVESTMENT ADVISORY AGREEMENT (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"><U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Comparative Analysis of the Fund&#8217;s Performance and Management Fee and Expense Ratio.</FONT></U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board reviewed reports prepared by Lipper, Inc. (&#8220;Lipper&#8221;), an independent provider of investment company data, which included information comparing (1) the fund&#8217;s performance with the performance of a group of comparable funds (the &#8220;Performance Group&#8221;) and with a broader group of funds (the &#8220;Performance Universe&#8221;), all for various periods ended September 30, 2012, and (2) the fund&#8217;s actual and contractual management fees and total expenses with those of a group of comparable funds (the &#8220;Expense Group&#8221;) and with a broader group of funds (the &#8220;Expense Universe&#8221;), the information for which was derived in part from fund financial statements available to Lipper as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Lipper used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds.The Board discussed the results of the comparisons and noted that the fund&#8217;s total return performance on a net asset value basis variously was at or above the Performance Group median and the Performance Universe median for each reported time period (except for one period within each group in which it was lower).The Board also noted that the fund&#8217;s total return performance on a market price basis variously was at, above, or below the Performance Group median and the Performance Universe median for the various reported time periods.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board also noted that the fund&#8217;s yield performance, on a net asset value basis, was variously above or below the Performance Group median, and above the Performance Universe median, for the reported time periods, and, on a market price basis, variously was at, above, or below the Performance Group median and Performance Universe median over the ten one-year periods reported. Dreyfus also provided a comparison of the fund&#8217;s calendar year total returns to the returns of the fund&#8217;s Lipper category average, noting that on a net asset value basis the fund&#8217;s return was higher in six of the ten calendar years (lower in four of the years).</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="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board received a presentation from the fund&#8217;s portfolio managers, who described the fundamental and technical conditions at work in the municipal bond market, the level of volatility in the market, and the managers&#8217; ongoing focus on mitigating downside risk in the fund&#8217;s portfolio. The portfolio managers also discussed the strategy implemented for the fund in 2009, quantitative risk management tools applied to overseeing the fund, the fund&#8217;s current structure to defend against volatility and to otherwise defensively position the fund&#8217;s credit posture. The portfolio managers also explained the fund&#8217;s performance relative to its duration and credit structure and the degree to which it impacts maximizing yield performance. The Board also noted the generally compressed spread among the returns of the Performance Group funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons.The Board noted that the fund&#8217;s contractual management fee was above the Expense Group median, the fund&#8217;s actual management fee was above the Expense Group median and the Expense Universe median, and the fund&#8217;s actual total expenses were above the Expense Group median and below the Expense Universe median. A Dreyfus representative noted that the undertaking by Dreyfus to waive receipt of .10% of the fund&#8217;s investment advisory fee would be extended through May 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund&#8217;s primary portfolio manager(s) for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the &#8220;Similar Clients&#8221;), and explained the nature of the Similar Clients.They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors.The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness and reasonableness of the fund&#8217;s management fee.</FONT></P>

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   <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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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>INFORMATION ABOUT THE RENEWAL OF THE FUND&#8217;S</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 16.007pt" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>INVESTMENT ADVISORY AGREEMENT (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Analysis of Profitability and Economies of Scale. </FONT></U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to Dreyfus of managing the funds in the Dreyfus fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board also had been provided with information prepared by an independent consulting firm regarding Dreyfus&#8217; approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex.The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board&#8217;s counsel stated that the Board should consider the profitability analysis (1) as part of the evaluation of whether the fees under the Agreement bear a reasonable relationship to the mix of services provided by Dreyfus, including the nature, extent and quality of such services, and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives also noted that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund&#8217;s asset level.The Board also considered potential benefits to Dreyfus from acting as investment adviser and noted that there were no soft dollar arrangements in effect for trading the fund&#8217;s investments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.</FONT></P>

<UL>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board concluded that the nature, extent and quality of the</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>services provided by Dreyfus are adequate and appropriate.</FONT></P></LI></UL>

<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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<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board was satisfied with the fund&#8217;s performance, in light of the</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>considerations described above.</FONT></P>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board concluded that the fee paid to Dreyfus was reasonable in</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>light of the considerations described above.</FONT></P>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board determined that the economies of scale which may accrue</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>to Dreyfus and its affiliates in connection with the management of the</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>fund had been adequately considered by Dreyfus in connection with</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>the fee rate charged to the fund pursuant to the Agreement and that,</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>to the extent in the future it were determined that material</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>economies of scale had not been shared with the fund, the Board</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>would seek to have those economies of scale shared with the fund.</FONT></P></LI></UL>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with Dreyfus and its affiliates, of the fund and the services provided to the fund by Dreyfus.The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, it should be noted that the Board&#8217;s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of prior or similar agreements during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board&#8217;s conclusions may be based, in part, on their consideration of the same or similar arrangements in prior years. The Board determined that renewal of the Agreement for the ensuing year was in the best interests of the fund and its shareholders.</FONT></P>
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   <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=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 (69)</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 2015</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 2015</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><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><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 (2006)</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; Partner in the law firm of Venable, LLP (2012-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; 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>

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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>Joni Evans (70)</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 (2006)</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>

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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; Chief Executive Officer, www.wowOwow.com an online community dedicated to women&#8217;s</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>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><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><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 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 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; 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>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; Avnet Inc., an electronics distributor, Director (1993-2012)</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>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>

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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>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 (1987)</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>

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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>

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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>Hans C. Mautner (75)</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 (1987)</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; 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>

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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>Robin A. Melvin (49)</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 (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>

<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; Director, Boisi Family Foundation, a private family foundation that supports youth-serving orga-</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.625pt" align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>nizations that promote the self sufficiency of youth from disadvantaged circumstances (1995-2012)</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>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>100</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>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=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>Burton N.Wallack (62)</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 (2006)</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; President and Co-owner of Wallack Management Company, a real estate management company</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 style="TEXT-INDENT: 124.811pt" align=left><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>John E. Zuccotti (75)</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 (1987)</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; Chairman of Brookfield Properties, Inc.</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 Counsel of Weil, Gotshal &amp; Manges, 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; Emeritus Chairman of the Real Estate Board of New York</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; Emigrant Savings Bank, Director (2004-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; Doris Duke Charitable Foundation,Trustee (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; New York Private Bank &amp; Trust, 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 style="TEXT-INDENT: 124.811pt" align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</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 address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, NewYork, NewYork 10166.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>David W. Burke, Emeritus Board Member</FONT></I><BR><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Arnold S. Hiatt, Emeritus Board Member</FONT></I></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"><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 54 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 57 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 51 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>

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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>OFFICERS OF THE FUND (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"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>RICHARD CASSARO, Assistant Treasurer since January 2008.</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>

<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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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>OFFICERS AND DIRECTORS</FONT><BR><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=2>Dreyfus Strategic Municipal Bond Fund, Inc.</FONT></P>
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<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>The NetAssetValue 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 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&#8217;s Forms N-Q are available on the SEC&#8217;s website at http://www.sec.gov and may be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Information regarding how the fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available on the SEC&#8217;s website at http://www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.</FONT></P>
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<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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.&nbsp; 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: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 3.&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 Financial Expert.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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 "SEC"). &nbsp;&nbsp;Ehud Houminer is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Accountant Fees and Services.</FONT></B></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">(a)&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Audit Fees</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">.&nbsp; The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") 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 $30,015 in 2012.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(b)&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Audit-Related Fees</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">. 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 $52,884 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 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 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 ("Service Affiliates"), 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>

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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">(c)&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Tax 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 professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $2,460 in 2011 and $4,382 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, and (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.&nbsp; </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 $160 in 2011 and $0 in 2012. [These services consisted of a review of the Registrant's anti-money laundering program].</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">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>

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<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 $19,415,177 in 2011 and $50,505,978 in 2012.&nbsp; </FONT></P>

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<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;Audit Committee of Listed Registrants.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 6.&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;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;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 January 30, 2013, the date of the filing of this report:</FONT></P>

<P style="BACKGROUND: white; 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; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman" color=black>Daniel A. Barton and Steven Harvey</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: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(2)&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"> The following information is as of the Registrant&#8217;s most recently completed fiscal year, except where otherwise noted:</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Portfolio Managers.</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"> 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.&nbsp; 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.&nbsp; The Fund's portfolio managers are Daniel Barton and Steven Harvey.&nbsp; 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: 0in 0in 12pt; TEXT-INDENT: 0.5in"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Portfolio Manager Compensation</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">.&nbsp; The portfolio managers' compensation is comprised primarily of a market-based salary and an incentive compensation plan (annual and long term).&nbsp; Each Fund's portfolio managers are compensated by Dreyfus or its affiliates and not by the Fund.&nbsp; Funding for the Standish Mellon Asset Management Company LLC (Standish) Incentive Plan is through a pre-determined fixed percentage of overall company profitability.&nbsp; Therefore, all bonus awards are based initially on Standish's overall performance as opposed to the performance of a single product or group.&nbsp; All investment professionals are eligible to receive incentive awards.&nbsp; Cash awards are payable in the February month end pay of the following year.&nbsp; Most of the awards granted have some portion deferred for three years in the form of deferred cash, The Bank of New York Mellon equity, investment vehicle (consisting of investments in a&nbsp; range of Standish Products), or a combination of the above. Individual awards for portfolio managers are discretionary, based on both benchmarks and peer comparisons over one year, three year and five year periods.&nbsp; Also considered in determining individual awards are team participation and general contributions to Standish.&nbsp; Individual objectives and goals established at the beginning of each calendar year and are taken into account.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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.&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Additional Information About Portfolio Managers</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">.&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&#8217;s fiscal year:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times>6</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times>$2,646.0 M</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times>0</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times>$0</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times>0</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times>$0</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times></FONT>&nbsp;</P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times></FONT>&nbsp;</P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times></FONT>&nbsp;</P></TD>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="18%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Steven Harvey</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times>7</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times>$3,504.1 M</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times>0</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times>$0</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times>0</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=times>$0</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">None of the funds or accounts are subject to a performance-based advisory fee.</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; The dollar range of Fund shares beneficially owned by the primary portfolio managers is as follows as of the end of the Fund&#8217;s fiscal year:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Portfolio Manager</FONT></U></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Registrant Name</FONT></U></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Dollar Range of Registrant </FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Shares Beneficially Owned</FONT></U></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Dan Barton</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus Strategic Municipal Bond Fund, Inc.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">None</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Steven Harvey</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus Strategic Municipal Bond Fund, Inc.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">None</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT></B>&nbsp;</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; 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: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of Equity Securities by Closed-End Management Investment Companies and&nbsp;Affiliated Purchasers.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Not applicable.&nbsp; [CLOSED-END FUNDS ONLY]</FONT></P>

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<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Submission of Matters to a Vote of Security Holders.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">There have been no material changes to the procedures applicable to Item 10.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)(1)&nbsp;&nbsp; Code of ethics referred to in Item 2.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)(2)&nbsp;&nbsp; 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: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)(3)&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">SIGNATURES<BR><BR></FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">DREYFUS STRATEGIC MUNICIPAL BOND FUND, INC.</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"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak, </FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">January 24, 2013</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">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>

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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"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak, </FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">January 24, 2013</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James Windels,</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">January 24, 2013</FONT></P></TD></TR>

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<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">EXHIBIT INDEX</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)(1)&nbsp;&nbsp; Code of ethics referred to in Item 2.</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)(2)&nbsp;&nbsp; Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.&nbsp; (EX-99.CERT)</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.&nbsp; (EX-99.906CERT)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> &nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>codeofethics-852.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>

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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-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 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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</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 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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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>exhibit302-852.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY RULE 30A-2
<TEXT>

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   <TITLE>exhibit302-852.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 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>

<P style="MARGIN: 0in 0in 0pt 1in; TEXT-ALIGN: right" align=right><B><FONT lang=FR style="FONT-SIZE: 11pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<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 Municipal Bond Fund, Inc.;</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><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>

<DIV align=left>

<TABLE style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; MARGIN-LEFT: 191.4pt; BORDER-LEFT: medium none; WIDTH: 298.199pt; BORDER-BOTTOM: medium none; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">

   <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>

<TR>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak, </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date: January 24, 2013</FONT></P></TD></TR></TABLE></DIV>

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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 228pt; TEXT-INDENT: -1in; TEXT-ALIGN: justify"><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 Municipal Bond Fund, 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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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">

   <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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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: January 24, 2013</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>4
<FILENAME>exhibit906-852.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY SECTION 906
<TEXT>

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   <TITLE>exhibit906-852.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<a name="_bclHeader1"></a><DIV>

<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; 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>

<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"></FONT>&nbsp;</P>

<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>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</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 36.6pt"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date: January 24, 2013</FONT></P></TD></TR>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; MARGIN-LEFT: 191.4pt; BORDER-LEFT: medium none; WIDTH: 298.199pt; BORDER-BOTTOM: medium none; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">

   <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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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James Windels,</FONT></P></TD></TR>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer</FONT></P></TD></TR>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date: January 24, 2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<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"><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>

<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; TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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   <TITLE>cover-852.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader1"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="cg times" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="cg times" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="cg times" 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;">&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;">&#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; January
30, 2013</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="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;">Securities and Exchange Commission</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Office of Filings and Information Services</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">100 F. Street, NE</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Washington, D.C.&#160; 20549</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;">Re:&#160;&#160;&#160;&#160;&#160;&#160; Dreyfus Strategic Municipal Bond Fund, Inc.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">File No. 811-5877</font></u></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;">Gentlemen:</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Transmitted for filing is Form N-CSR for the
above-referenced Registrant for the annual period ended November 30, 2012. </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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If you have any questions, please me at
212-922-6837.</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;">&#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; Very
truly yours,</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="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;">&#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; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/Jordan
Hodge</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><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; Jordan
Hodge</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><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;&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">JH/</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Enclosure</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="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



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