CORRESP 1 filename1.htm cignacorresp.htm
 
 
May 25, 2011

VIA EDGAR

Mr. Jim B. Rosenberg
Senior Assistant Chief Accountant
United States Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549

RE:          CIGNA Corporation
Form 10-K for the Year Ended December 31, 2010
Filed February 25, 2010
File No. 001-08323

Dear Mr. Rosenberg:

On behalf of CIGNA Corporation (the Company), the following is the Company’s response to your comment letter of April 29, 2011 relating to the Company’s Form 10-K for the year ended December 31, 2010.  For your convenience, we have repeated the comments set forth in your letter and followed with the Company’s response.

Form 10-K for the year ended December 31, 2010

Management’s Discussion and Analysis of Financial Condition and Results of Operations
Investment Assets
Fixed Maturities, page 88

 
1.
Please provide us the following regarding your investments in state and local governments:
 
·
The credit rating agency used to assign credit quality in the table on page 89;
 
·
What “The Company focuses on the underlying issuer’s credit quality…” means including a description of your process to evaluate these investments other than external credit ratings.  If your process includes reference to credit spreads, provide the amortized cost and fair value of investments whose externally assigned credit quality differed from that which would be indicated by its credit spread at December 31, 2010; and
 
·
The amortized cost and fair value separately for special revenue bonds categorized by state, municipality and political subdivision and their credit rating with and without a financial guarantee by third parties, and their primary revenue sources.

Below is the information requested for the Company’s state and local government fixed maturities.

 
·
The quality ratings presented in the table on page 89 represent the average of ratings from S&P, Moody’s and Fitch (nationally recognized statistical rating organizations) where they are available for each issuer.

 
·
The Company employs a disciplined investment underwriting process to assess the quality of each individual debt offering prior to purchase.  We do not rely on monoline insurer guarantees or credit ratings assigned by the national statistical rating agencies as the primary basis for our investment decisions.  The Company performs a credit quality assessment using criteria similar to that of the national rating agencies including: reviewing financial statements, offering statements, credit agency commentary and other issuer news or information.  The Company is predominantly a buy and hold investor as investments are utilized to support insurance liabilities.  However, we do conduct credit monitoring subsequent to purchase whereby each credit is monitored daily and more formally reviewed on a monthly basis.  The ongoing credit monitoring process utilizes information similar to that assessed at initial underwriting.  Credit spreads are not a focus of the credit assessment at initial purchase or during ongoing credit monitoring and therefore, the requested data is not available.
 
 
 
 
 
 

 

 
·
Included in Exhibit I (see attachment) of this letter is the information requested for state and local government investments.  The Company’s state and local government investments had a fair value of $2.5 billion as of December 31, 2010, including revenue bonds with a fair value of $1.3 billion.  The attached Exhibit I lists bonds that are funded by specific revenue streams that are not related to the general obligation funds of the municipality or political subdivision.
 
Commercial Mortgage Loans, page 89

 
2.
You disclose on page 139 that you reassess internal quality ratings assigned to your commercial loans when a borrower requests the restructuring of their loan.  Please provide us proposed disclosure to be included in future filings addressing the following for commercial mortgage loans that have been modified or restructured for which you have not considered the loans to be impaired:
 
·
The amount of these loans and types of modifications being made (e.g. extension of terms, change of interest rates or principal, etc.), whether loan terms are being adjusted from the original terms, and whether you consider these types of loans as collateral-dependent;
 
·
To the extent you extend commercial loans at or near maturity at the existing loan rate or restructure the loan’s interest rate or principal amount, how you consider whether it is a troubled debt restructuring;
 
·
To the extent these modifications qualify for trouble debt restructuring accounting, please provide the disclosures required by ASC Section 310-40-50;
 
·
For those with a guarantee, separately identify them and address:
 
o
How you evaluate the financial wherewithal of the guarantor, addressing the type of financial information reviewed, how current and objective the information reviewed is, and how often the review is performed;
 
o
How many times you have sought performance under the guarantee discussing the extent of the successes.  Discuss the decision making process you go through in deciding whether to pursue the guarantor and whether there are circumstances you would not seek to enforce the guarantee; and
 
o
Whether you considered these loans impaired prior to modification;
 
·
Quantify the dollar amount of commercial loans in which your carrying value is in excess of the appraised value but not considered impaired;
 
·
Your accounting policy for accruing interest income on commercial loans that have been restructured; and
 
·
Your policy to ensure that appraisals used to determine the loan-to-value ratio of your commercial loans is current.
 
 
 
 
2
 
 
 
By way of background, the Company’s commercial mortgage portfolio consists of approximately 170 heterogeneous loans with a total carrying value of $3.5 billion as of December 31, 2010.  Each of our loans is considered a collateral dependent loan and assessed for impairment individually.

The first four bullets of your inquiry request disclosures about loans that have been modified or restructured since origination but are not considered impaired because the Company expects to receive all contractual cash flows.  As of December 31, 2010, this population totaled 8 loans with $168 million of outstanding principal (representing less than 5% of the commercial mortgage portfolio).  These loans were modified over the past three years, do not contain guarantees and are not considered trouble debt restructures.  In order to determine if a modification is a trouble debt restructuring the primary criteria the Company considers are whether the modification included a concession related to principal or accrued interest, a below market interest rate or more than an insignificant delay or insignificant shortfall in payments.  For each of the periods presented in our Form 10-K these loans and the financial statement impact of their modifications are not considered material either individually or in the aggregate relative to the Company’s commercial mortgage portfolio, results of operations, financial condition and liquidity.  Therefore the Company has not included these details in our disclosures as of December 31, 2010.

In future filings, if the impact of loans modified but not impaired remains immaterial, we will explicitly disclose such fact.  If the impact of future modifications is material, we will disclose the amount and types of modifications and their financial statement impact.  Additionally, in compliance with the implementation date prescribed by the amended trouble debt restructuring guidance (ASU 2011-02), the Company will include, in our September 30, 2011 filing, disclosure of our policy to determine a trouble debt restructure.

The final three bullets of your disclosure request apply more broadly to our commercial mortgage portfolio and disclosures included in our Form 10-K address these items as follows;

 
·
As of December 31, 2010, the Company’s commercial mortgage loan MD&A disclosures on page 90 quantify the number of loans (7) and aggregate amount ($17m) by which carrying value is in excess of collateral value.   Unimpaired loans comprise 6 of the 7 aforementioned loans and have a carrying value of $124 million that exceeds property values of $111 million by $13 million.  Given the immaterial amount of the shortfall, the small number of these loans, and the Company’s expectation that all of their principal and interest will be collected the Company has not provided more detailed disclosure.
 
·
The Company currently includes accounting policy disclosures in Footnote 2 “Summary of Significant Accounting Policies”.   The Net Investment Income policy on page 106 of the Company’s Form 10-K cites that the Company stops recognizing interest income when interest payments are delinquent based on contractual terms or when certain terms of the investment have been restructured and income on these restructured investments is only recognized when payments are received.
 
·
Footnote 12 “Investments”, specifically section B. Commercial Mortgage Loans on page 139 of the Company’s Form 10-K provides an overall description of the credit quality monitoring process including the Company’s policy to annually review and value all properties serving as collateral for commercial mortgages.
 
 
 
 
3
 

 

In connection with our responses to the Commission’s comments, the Company acknowledges that:

 
·
the Company is responsible for the adequacy and accuracy of the disclosure in the filing;
 
·
staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filings; and
 
·
the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

If you have any questions concerning our responses to your questions and comments, please do not hesitate to contact me, at (215) 761-1170 or by facsimile at (215) 761-5059.
 

 
 
Sincerely yours,
   
 
 
Mary T. Hoeltzel
   
 
Vice President, Chief Accounting Officer

 
 
 
 
4
 
 
Exhibit I - Page 1 of 5
                     
State
Municipality / Subdivision
Primary Revenue Source
Credit Rating with Guarantee
Credit Rating without Guarantee
  
Amortized Cost
    
Fair Value
  
                     
Alaska
           $ 7,345,512     $ 7,762,961  
 
ALASKA ENERGY AUTH PWR REV
ELEC. PWR. & LT. REVS.
Aa2
Aa2
     1,018,101       1,144,063  
 
ALASKA RR CORP CAP GRNT RCPTS
GOVT. FD./GRANT REV.
 A1 A1     2,903,396       3,054,648  
 
ALASKA INDL DEV & EXPT AUTH PW
ELEC. PWR. & LT. REVS.
Aaa
Aaa
     115,000       115,000  
 
ALASKA INDL DEV & EXPT AUTH PW
ELEC. PWR. & LT. REVS.
Baa2
Baa2
     1,635,000       1,635,000  
 
ANCHORAGE ALASKA ELEC UTIL REV
ELEC. PWR. & LT. REVS.
 A3 A1     1,674,015       1,814,250  
                         
Alabama
           $ 2,587,041     $ 2,707,578  
 
BIRMINGHAM ALA WTRWKS & SWR BR
WATER REVENUE
 A1 A1     1,054,439       1,084,844  
 
UNIVERSITY ALA AT BIRMINGHAM
HLTH, HOSP, NURSHOME REV.
No Guarantee
 A1     1,532,602       1,622,734  
                         
Arizona
           $ 49,786,831     $ 52,751,020  
 
ARIZONA BRD REGENTS CTFS PARTN
LEASE (APPROPRIATION)
 A1 A1     2,361,629       2,438,923  
 
ARIZONA ST TRANSN BRD
HIGHWAY REVENUE TOLLS
Aa2
Aa2
     2,558,107       2,655,469  
 
ARIZONA WTR INFRASTRUCTURE FIN
WATER REVENUE
No Guarantee
Aaa
     6,705,540       7,113,594  
 
CHANDLER ARIZ STR & HWY USER R
FUEL SALES TAX REVENUE
Aa2
Aa2
     1,618,238       1,698,594  
 
CHANDLER ARIZ STR & HWY USER R
WATER REVENUE
No Guarantee
Aa1
     4,226,749       4,572,790  
 
GILBERT ARIZ PUB FACS MUN PPTY
MISCELLANEOUS REVENUE
Aa2
Aa2
     1,057,023       1,120,938  
 
MESA ARIZ STR & HWY REV
FUEL SALES TAX REVENUE
Aa3
 A1     3,807,950       3,882,813  
 
MESA ARIZ UTIL SYS REV
MULTIPLE UTILITY REV.
Aa3
Aa3
     2,825,118       3,026,453  
 
NORTHERN ARIZ UNIV REVS
COLLEGE & UNIV. REV.
 A1 A1     2,510,602       2,611,070  
 
PHOENIX ARIZ CIVIC IMPT CORP
PRT, AIRPRT & MARINA REV.
No Guarantee
Aa3
     5,472,483       5,797,027  
 
PHOENIX ARIZ CIVIC IMPT CORP
WATER REVENUE
Aa1
Aa1
     11,527,047       12,439,831  
 
PIMA CNTY ARIZ STR & HWY REV
MISCELLANEOUS REVENUE
Aa2
Aa3
     2,490,862       2,626,723  
 
TUCSON ARIZ WTR REV
WATER REVENUE
Aa2
Aa2
     2,625,483       2,766,797  
                         
California
           $ 24,816,852     $ 25,559,173  
 
CALIFORNIA EDL FACS AUTH REV
COLLEGE & UNIV. REV.
Aa3
Aa3
     2,741,188       3,129,375  
 
CALIFORNIA STATEWIDE CMNTYS DE
MISCELLANEOUS REVENUE
 A2 A2     1,339,490       1,337,427  
 
LOS ANGELES CALIF DEPT ARPTS A
PRT, AIRPRT & MARINA REV.
No Guarantee
Aa2
     1,546,411       1,654,219  
 
PORT OAKLAND CALIF
PRT, AIRPRT & MARINA REV.
 A3 A3     2,657,293       2,595,200  
 
SAN DIEGO CNTY CALIF REGL ARPT
PRT, AIRPRT & MARINA REV.
 A1 A1     2,007,411       2,072,500  
 
SAN FRANCISCO CALIF CITY &
PRT, AIRPRT & MARINA REV.
Aa3
 A1     2,008,238       2,128,438  
 
SAN JOSE CALIF ARPT REV
PRT, AIRPRT & MARINA REV.
 A2 A2     5,662,782       5,777,974  
 
SAN MATEO CNTY CALIF JT PWRS A
LEASE (ABATEMENT)
Baa2
No Underlying Rating
     1,972,032       1,930,871  
 
SANTA CRUZ CNTY CALIF CTFS PAR
LEASE (ABATEMENT)
Baa2
No Underlying Rating
     4,067,008       4,090,625  
 
SOLANO IRRIGATION DISTRICT
ELEC. PWR. & LT. REVS.
No Guarantee
Baa1
     815,000       842,544  
                         
Colorado
           $ 51,229,099     $ 55,393,742  
 
COLORADO DEPT TRANS REV
TRANSIT REVENUE
Aa2
Aa2
     22,533,887       24,560,703  
 
COLORADO ST DEPT CORRECTIONS
LEASE(RENEWAL)
Aa3
Aa3
     2,611,943       2,790,234  
 
COLORADO WTR RES & PWR DEV AUT
WATER REVENUE
No Guarantee
Aa1
     7,414,749       7,948,172  
 
COLORADO WTR RES & PWR DEV AUT
WATER REVENUE
No Guarantee
Aa1
     4,462,989       4,718,717  
 
DENVER COLO CITY & CNTY WTR CO
WATER REVENUE
Aaa
Aaa
     2,472,079       2,666,516  
 
METRO WASTEWTR RECLAMATION DIS
SEWER REVENUE
No Guarantee
Aa1
     2,044,441       2,101,250  
 
MUNICIPAL SUBDIST NORTHERN COL
WATER REVENUE
  A1  A1     3,427,506       3,648,000  
 
REGIONAL TRANSN DIST COLO SALE
SALES TAX REVENUE
No Guarantee
Aa1
     5,160,091       5,786,719  
 
UNIVERSITY COLO ENTERPRISE SYS
COLLEGE & UNIV. REV.
Aa2
Aa3
     1,101,415       1,173,431  
                         
District of Columbia
         $ 16,957,204     $ 18,768,906  
 
DISTRICT COLUMBIA WTR & SWR AU
WATER REVENUE
Aa2
Aa2
     5,213,984       5,694,531  
 
METROPOLITAN WASHINGTON D C AR
PRT, AIRPRT & MARINA REV.
Aa3
Aa3
     11,743,220       13,074,375  
                         
Florida
           $ 73,407,551     $ 77,843,709  
 
BREVARD CNTY FLA SCH BRD CTFS
LEASE (APPROPRIATION)
Aa3
Aa3
     1,063,724       1,079,844  
 
BROWARD CNTY FLA SCH BRD CTFS
LEASE REV.
Aa3
  A1     1,541,634       1,629,141  
 
COLLIER CNTY FLA SCH BRD CTFS
LEASE (APPROPRIATION)
Aa2
Aa3
     3,345,828       3,572,149  
 
DUVAL CNTY FLA SCH BRD CTFS
LEASE(RENEWAL)
Aa3
Aa3
     4,638,763       4,837,180  
 
FLORIDA ST TPK AUTH TPK REV
HIGHWAY REVENUE TOLLS
Aa3
Aa3
     2,338,429       2,479,395  
 
GREATER ORLANDO AVIATION AUTH
PRT, AIRPRT & MARINA REV.
Aa2
Aa3
     12,722,447       13,713,438  
 
GREATER ORLANDO AVIATION AUTH
PRT, AIRPRT & MARINA REV.
Aa3
Aa3
     1,844,747       1,994,906  
 
HILLSBOROUGH CNTY FLA SCH BRD
LEASE(RENEWAL)
Aa2
Aa2
     3,185,976       3,239,531  
 
HILLSBOROUGH CNTY FLA UTIL REF
WATER REVENUE
Aa1
Aa1
     2,109,002       2,266,875  
 
LEON CNTY FLA EDL FACS AUTH CT
LEASE (APPROPRIATION)
No Guarantee
Aaa
     2,514,245       2,727,512  
 
MARION CNTY FLA SCH BRD CTFS P
LEASE(RENEWAL)
  A1  A1     1,629,699       1,674,727  
 
MIAMI-DADE CNTY FLA SCH BRD CT
LEASE REV.
  A2  A2     3,043,980       2,988,553  
 
MIAMI-DADE CNTY FLA SCH BRD CT
LEASE(RENEWAL)
  A2  A2     1,056,510       1,079,688  
 
ORANGE CNTY FLA SCH BRD CTFS P
LEASE (APPROPRIATION)
Aa3
Aa3
     1,033,886       1,088,438  
 
ORLANDO FLA UTILS COMMN WTR &
WATER REVENUE
No Guarantee
Aa2
     4,424,068       4,995,169  
 
OSCEOLA CNTY FLA SCH DIST
SALES TAX REVENUE
  A1  A2     1,387,884       1,444,445  
 
PALM BEACH CNTY FLA REV
MISCELLANEOUS REVENUE
No Guarantee
Aa1
     1,359,100       1,497,284  
 
PALM BEACH CNTY FLA SCH BRD CT
LEASE (APPROPRIATION)
Aa2
Aa3
     1,033,035       1,112,813  
 
PALM BEACH CNTY FLA SCH BRD CT
LEASE (APPROPRIATION)
Aa3
Aa3
     1,056,728       1,112,813  
 
PORT EVERGLADES AUTH FLA PORT
PRT, AIRPRT & MARINA REV.
No Guarantee
Aaa
     941,394       1,011,306  
 
PORT ST LUCIE FLA UTIL REV
WATER REVENUE
Aa3
Aa3
     1,080,048       1,080,000  
 
SEACOAST FLA UTIL AUTH WTR & S
SEWER REVENUE
Aa3
Aa3
     4,197,525       4,317,325  
 
SEMINOLE CNTY FLA SALES TAX RE
SALES TAX REVENUE
Aa2
Aa2
     1,733,558       1,797,991  
 
SUNRISE FLA UTIL SYS REV
WATER REVENUE
Aa3
Aa3
     1,953,639       2,218,725  
 
TAMPA BAY WTR FLA UTIL SYS REV
WATER REVENUE
Aa1
Aa1
     4,930,070       5,365,505  
 
TAMPA FLA WTR & SWR REV
WATER REVENUE
Aa1
Aa1
     2,106,757       2,222,188  
 
 
 
 
 
Exhibit I - Page 2 of 5
 
 
TAMPA FLA WTR & SWR REV
WATER REVENUE
Aa2
Aa2
     2,137,854       2,283,300  
 
VOLUSIA CNTY FLA SCH BRD SALES
SALES TAX REVENUE
Baa1
Baa1
     2,997,022       3,013,473  
                         
Georgia
           $ 42,217,406     $ 46,586,858  
 
ALBANY DOUGHERTY GA PAYROLL
INDUSTRIAL REVENUE
No Guarantee
Aa3
     2,338,880       2,333,984  
 
ATLANTA GA WTR & WASTEWTR REV
WATER REVENUE
 A2 A2     15,724,487       17,332,694  
 
CHEROKEE CNTY GA WTR & SEW AUT
WATER REVENUE
Aaa
Aaa
     959,976       1,137,853  
 
CHEROKEE CNTY GA WTR & SEW AUT
WATER REVENUE
Baa2
No Underlying Rating
     3,204,556       3,749,755  
 
CLAYTON CNTY & CLAYTON CNTY GA
WATER REVENUE
No Guarantee
Aa2
     1,946,866       2,257,188  
 
COBB CNTY GA SOLID WASTE MGMT
RESOURCE RECOVERY REVENUE
No Guarantee
Aaa
     2,095,093       2,255,938  
 
GAINESVILLE GA WTR & SEW REV
WATER REVENUE
Aa3
Aa3
     671,376       701,679  
 
GEORGIA MUN ELEC AUTH PWR REV
ELEC. PWR. & LT. REVS.
 A1 A1     4,812,555       5,518,138  
 
GEORGIA MUN ELEC AUTH PWR REV
ELEC. PWR. & LT. REVS.
 A2 A2     6,139,528       6,747,241  
 
GEORGIA MUN ELEC AUTH PWR REV
ELEC. PWR. & LT. REVS.
Aa3
 A1     45,022       46,013  
 
GEORGIA MUN ELEC AUTH PWR REV
ELEC. PWR. & LT. REVS.
Aaa
Aaa
     62,405       69,401  
 
GWINNETT CNTY GA DEV AUTH CTFS
LEASE(RENEWAL)
Aa1
Aa1
     3,762,337       3,965,391  
 
PRIVATE COLLEGES & UNIVS FACS
COLLEGE & UNIV. REV.
Aaa
Aaa
     454,325       471,586  
                         
Hawaii
           $ 9,147,939     $ 9,772,383  
 
HAWAII ST HWY REV
FUEL SALES TAX REVENUE
Aa2
Aa2
     5,568,090       5,888,320  
 
HAWAII ST HWY REV
FUEL SALES TAX REVENUE
No Guarantee
Aa2
     1,097,045       1,174,688  
 
HONOLULU HAWAII CITY & CNTY
SEWER REVENUE
Aa3
Aa3
     2,482,804       2,709,375  
                         
Iowa
           $ 10,496,120     $ 11,442,996  
 
IOWA FIN AUTH REV
MISCELLANEOUS REVENUE
Aa2
Aa2
     10,496,120       11,442,996  
                         
Illinois
           $ 38,951,678     $ 40,623,480  
 
CHICAGO ILL PUB BLDG COMM BLDG
LEASE (NON-TERMINABLE)
Aa2
Aa2
     1,535,024       1,644,141  
 
CHICAGO ILL ST UNIV REV
COLLEGE & UNIV. REV.
Baa2
No Underlying Rating
     3,144,119       3,071,250  
 
CHICAGO ILL WASTEWATER TRANSMI
SEWER REVENUE
Aa2
Aa2
     997,475       1,035,469  
 
ILLINOIS ST SALES TAX REV
SALES TAX REVENUE
No Guarantee
Aa2
     16,095,535       16,131,380  
 
ILLINOIS ST TOLL HWY AUTH TOLL
HIGHWAY REVENUE TOLLS
Aa2
Aa3
     4,010,937       4,375,000  
 
METROPOLITAN PIER & EXPOSITION
MISCELLANEOUS TAXES
Aa3
Aa3
     4,686,005       5,046,094  
 
REGIONAL TRANSN AUTH ILL
SALES TAX REVENUE
Aa2
Aa3
     3,031,851       3,417,656  
 
REGIONAL TRANSN AUTH ILL
SALES TAX REVENUE
Aa3
Aa3
     693,716       720,213  
 
REGIONAL TRANSN AUTH ILL
TRANSIT REVENUE
Aa3
Aa3
     4,757,015       5,182,277  
                         
Indiana
           $ 73,526,501     $ 79,551,861  
 
BEECH GROVE IND SCH BLDG CORP
LEASE (ABATEMENT)
Aa1
Aa1
     3,061,125       3,291,500  
 
DANVILLE IND MULTI-SCH BLDG CO
LEASE (ABATEMENT)
 A2 A2     1,101,174       1,182,480  
 
HAMILTON HEIGHTS IND SCH CORP
LEASE (ABATEMENT)
Aa1
Aa1
     1,041,379       1,132,344  
 
INDIANA BD BK
MISCELLANEOUS REVENUE
Aa1
Aa1
     981,792       1,111,406  
 
INDIANA HEALTH & EDL FAC FING
HLTH, HOSP, NURSHOME REV.
No Guarantee
 A1     543,335       561,386  
 
INDIANA ST EDL FACS AUTH REV
COLLEGE & UNIV. REV.
 A1 A1     9,246,246       10,201,378  
 
INDIANA ST FIN AUTH REV
MISCELLANEOUS REVENUE
No Guarantee
Aaa
     8,042,603       8,582,813  
 
INDIANA ST OFFICE BLDG COMMN F
LEASE (APPROPRIATION)
Aa1
Aa1
     6,203,446       6,530,063  
 
INDIANA ST TOLL RD COMMN TOLL
HIGHWAY REVENUE TOLLS
Aaa
Aaa
     1,243,540       1,259,592  
 
INDIANA ST TOLL RD COMMN TOLL
HIGHWAY REVENUE TOLLS
No Guarantee
Aaa
     2,394,597       2,444,633  
 
INDIANA TRANSN FIN AUTH HWY RE
HIGHWAY REVENUE TOLLS
Aa1
Aa1
     988,725       1,105,156  
 
INDIANA TRANSN FIN AUTH HWY RE
HIGHWAY REVENUE TOLLS
No Guarantee
Aa1
     12,052,120       13,244,109  
 
INDIANA TRANSN FIN AUTH HWY RE
TRANSIT REVENUE
Aa1
Aa1
     3,233,017       3,508,125  
 
INDIANAPOLIS IND LOC PUB IMPT
LEASE REV.
Aa2
Aa2
     4,159,263       4,433,125  
 
INDIANAPOLIS IND LOC PUB IMPT
MISCELLANEOUS REVENUE
 A2 A2     1,979,435       1,991,375  
 
INDIANAPOLIS IND LOC PUB IMPT
MISCELLANEOUS REVENUE
Aa2
Aa2
     2,487,348       2,903,125  
 
INDIANAPOLIS IND LOC PUB IMPT
MISCELLANEOUS REVENUE
No Guarantee
Aaa
     2,002,508       2,008,125  
 
NORTH LAWRENCE IND CMNTY SCHS
LEASE (ABATEMENT)
Aa1
Aa1
     2,495,971       2,586,802  
 
PURDUE UNIV IND UNIV REVS
COLLEGE & UNIV. REV.
No Guarantee
Aa1
     8,534,399       9,541,433  
 
ST JOSEPH CNTY IND EDL FACS RE
COLLEGE & UNIV. REV.
No Guarantee
Aaa
     1,734,478       1,932,891  
                         
Kansas
           $ 8,772,852     $ 10,110,469  
 
KANSAS ST DEV FIN AUTH REV
WATER REVENUE
No Guarantee
Aaa
     1,069,726       1,187,031  
 
OLATHE LABETTE CNTY KANS SINGL
LOCAL OR GTD HOUSING
No Guarantee
Aaa
     7,703,126       8,923,438  
                         
Kentucky
           $ 22,846,910     $ 24,487,943  
 
JEFFERSON CNTY KY SCH DIST FIN
MISCELLANEOUS REVENUE
Aa2
Aa3
     9,522,303       10,308,305  
 
KENTUCKY ST PPTY & BLDGS COMMN
LEASE (APPROPRIATION)
Aa2
Aa3
     2,716,727       2,825,000  
 
KENTUCKY ST PPTY & BLDGS COMMN
LEASE (APPROPRIATION)
Aa3
Aa3
     2,091,242       2,262,188  
 
KENTUCKY ST PPTY & BLDGS COMMN
LEASE(RENEWAL)
Aa2
Aa3
     3,675,035       3,893,648  
 
KENTUCKY ST TPK AUTH ECONOMIC
LEASE(RENEWAL)
Aa2
Aa2
     2,066,849       2,200,000  
 
LOUISVILLE KY REGL ARPT AUTH A
PRT, AIRPRT & MARINA REV.
Aa3
 A1     2,774,756       2,998,802  
                         
Louisiana
           $ 18,199,816     $ 18,746,939  
 
JEFFERSON LA SALES TAX DIST SP
SALES TAX REVENUE
Aa2
Aa3
     9,055,803       10,144,986  
 
LOUISIANA LOC GOVT ENVIR FACS
MISCELLANEOUS REVENUE
Baa2
Baa2
     9,144,013       8,601,953  
                         
Massachusetts
         $ 54,980,505     $ 61,139,719  
 
MASSACHUSETTS BAY TRANSN AUTH
TRANSIT REVENUE
Aa1
Aa1
     2,090,734       2,237,157  
 
MASSACHUSETTS ST COLLEGE BLDG
COLLEGE & UNIV. REV.
Aa1
Aa1
     5,484,322       5,783,969  
 
MASSACHUSETTS ST COLLEGE BLDG
COLLEGE & UNIV. REV.
Aaa
Aaa
     12,165,233       15,018,075  
 
MASSACHUSETTS ST HEALTH & EDL
COLLEGE & UNIV. REV.
No Guarantee
Aaa
     2,586,850       2,790,563  
 
 
 
 
 
 
Exhibit I - Page 3 of 5
 
 
MASSACHUSETTS ST HEALTH & EDL
COLLEGE & UNIV. REV.
No Guarantee
Aaa
     10,768,901       11,713,281  
 
MASSACHUSETTS ST PORT AUTH REV
PRT, AIRPRT & MARINA REV.
Aa2
Aa3
     1,545,030       1,626,075  
 
MASSACHUSETTS ST SPL OBLIG REV
FUEL SALES TAX REVENUE
Aa1
Aa1
     2,671,488       2,857,714  
 
MASSACHUSETTS ST SPL OBLIG REV
SALES TAX REVENUE
Aa1
Aa1
     2,290,012       2,513,156  
 
MASSACHUSETTS ST TPK AUTH MET
HIGHWAY REVENUE TOLLS
 A2 A2     5,044,086       5,353,125  
 
MASSACHUSETTS ST WTR RES AUTH
WATER REVENUE
Aa1
Aa1
     9,285,467       10,131,291  
 
UNIVERSITY MASS BLDG AUTH REV
COLLEGE & UNIV. REV.
No Guarantee
Aaa
     1,048,382       1,115,313  
                         
Maryland
           $ 22,410,135     $ 24,281,805  
 
BALTIMORE CNTY MD REV
HLTH, HOSP, NURSHOME REV.
No Guarantee
Aa2
     1,147,493       1,235,277  
 
BALTIMORE MD REV
AUTO PARKING REVENUE
 A1 A1     2,723,075       2,915,548  
 
MARYLAND ST DEPT TRANSN CONS
FUEL SALES TAX REVENUE
No Guarantee
Aa1
     2,604,095       2,848,238  
 
MARYLAND ST DEPT TRANSN CONS
INCOME TAX REVENUE
No Guarantee
Aa1
     14,940,943       16,217,742  
 
MARYLAND ST HEALTH & HIGHER ED
HLTH, HOSP, NURSHOME REV.
Aaa
Aaa
     994,528       1,065,000  
                         
Maine
           $ 5,219,209     $ 5,667,188  
 
MAINE MUN BD BK
MISCELLANEOUS REVENUE
Aa1
Aa1
     998,370       1,082,813  
 
MAINE MUN BD BK
MISCELLANEOUS REVENUE
No Guarantee
Aa1
     4,220,839       4,584,375  
                         
Michigan
           $ 25,079,452     $ 27,855,964  
 
DETROIT MICH WTR SUPPLY SYS
WATER REVENUE
Aa3
 A1     2,228,059       2,320,666  
 
GRAND RAPIDS MICH SAN SWR SYS
SEWER REVENUE
Aa1
Aa1
     5,648,838       6,458,859  
 
MICHIGAN ST
LEASE (APPROPRIATION)
No Guarantee
 A1     3,620,152       3,850,580  
 
MICHIGAN ST TRUNK LINE
FUEL SALES TAX REVENUE
Aa2
Aa2
     4,886,136       5,671,875  
 
MICHIGAN ST TRUNK LINE
FUEL SALES TAX REVENUE
No Guarantee
Aa2
     8,696,267       9,553,984  
                         
Minnesota
           $ 3,216,055     $ 3,431,250  
 
MINNESOTA PUB FACS AUTH WTR PO
WATER REVENUE
No Guarantee
Aaa
     3,216,055       3,431,250  
                         
Missouri
           $ 15,939,974     $ 16,234,023  
 
MISSOURI ST ENVIRONMENTAL IMPT
HIGHWAY REVENUE TOLLS
No Guarantee
Aaa
     3,427,759       3,476,250  
 
MISSOURI ST ENVIRONMENTAL IMPT
INDUSTRIAL REVENUE
No Guarantee
Aa3
     5,160,528       4,878,906  
 
MISSOURI ST ENVIRONMENTAL IMPT
MISCELLANEOUS REVENUE
No Guarantee
Aaa
     2,700,946       2,928,906  
 
MISSOURI ST ENVIRONMENTAL IMPT
WATER REVENUE
No Guarantee
Aaa
     4,650,741       4,949,961  
                         
Mississippi
         $ 8,474,166     $ 9,870,012  
 
MISSISSIPPI HSG FIN CORP SINGL
GOVT. SEC'S & INT.
No Guarantee
Aaa
     7,440,226       8,721,875  
 
MISSISSIPPI BUSINESS FINANCE C
INDUSTRIAL REVENUE
No Guarantee
Baa1
     1,033,940       1,148,137  
                         
North Carolina
         $ 33,205,524     $ 34,295,055  
 
CABARRUS CNTY N C CTFS PARTN
LEASE (APPROPRIATION)
Aa2
Aa2
     4,141,704       4,174,775  
 
NORTH CAROLINA INFRASTRUCTURE
LEASE (APPROPRIATION)
Aa1
Aa1
     8,752,825       9,294,448  
 
RALEIGH DURHAM N C ARPT AUTH A
PRT, AIRPRT & MARINA REV.
Aa3
Aa3
     8,291,902       8,430,180  
 
RALEIGH N C COMB ENTERPRISE SY
WATER REVENUE
No Guarantee
Aaa
     1,170,211       1,122,188  
 
UNIVERSITY N C CHAPEL HILL REV
MULTIPLE UTILITY REV.
No Guarantee
Aa1
     3,441,820       3,663,281  
 
UNIVERSITY N C SYS POOL REV
COLLEGE & UNIV. REV.
 A1 A1     4,147,488       4,077,746  
 
WAKE CNTY N C HOSP REV
HLTH, HOSP, NURSHOME REV.
Aaa
Aaa
     1,622,895       1,838,922  
 
WAKE CNTY NC
MISCELLANEOUS REVENUE
No Guarantee
Aa1
     1,117,687       1,134,844  
 
WILMINGTON N C CTFS PARTN
WATER REVENUE
No Guarantee
Aa2
     518,990       558,672  
                         
New Hampshire
         $ 10,519,236     $ 11,301,570  
 
MANCHESTER N H SCH FACS REV
MISCELLANEOUS REVENUE
Aa2
Aa2
     2,218,103       2,361,958  
 
NEW HAMPSHIRE MUN BD BK
MISCELLANEOUS REVENUE
Aa2
Aa2
     2,158,237       2,322,978  
 
NEW HAMPSHIRE MUN BD BK
MISCELLANEOUS REVENUE
No Guarantee
Aa2
     6,142,896       6,616,634  
                         
New Jersey
         $ 34,169,234     $ 30,776,228  
 
CAMDEN CNTY N J MUN UTILS AUTH
SEWER REVENUE
Aa3
Aa3
     1,056,946       1,118,438  
 
JERSEY CITY N J SEW AUTH SWR
SEWER REVENUE
Baa2
Baa2
     1,026,590       1,060,469  
 
NEW JERSEY ENVIRONMENTAL INFRA
MISCELLANEOUS REVENUE
No Guarantee
Aaa
     3,812,155       4,012,656  
 
NEW JERSEY ST EDL FACS AUTH
COLLEGE & UNIV. REV.
No Guarantee
Aaa
     5,058,508       5,539,391  
 
NEW JERSEY ST HWY AUTH GARDEN
HIGHWAY REVENUE TOLLS
Aaa
Aaa
     3,118,021       3,533,438  
 
NEW JERSEY ST TRANSN TR FD
HIGHWAY REVENUE TOLLS
Aaa
Aa3
     996,710       1,120,469  
 
NEW JERSEY ST TRANSN TR FD
HIGHWAY REVENUE TOLLS
No Guarantee
 A1     1,001,949       1,022,031  
 
NEW JERSEY ST TRANSN TR FD
HIGHWAY REVENUE TOLLS
No Guarantee
Aaa
     898,787       932,766  
 
NEW JERSEY ST TRANSN TR FD
TRANSIT REVENUE
 A1 A1     11,042,726       6,157,188  
 
NEW JERSEY ST TRANSN TR FD
TRANSIT REVENUE
No Guarantee
Aa2
     5,602,825       5,702,934  
 
RUTGERS ST UNIV N J
COLLEGE & UNIV. REV.
No Guarantee
Aa2
     554,018       576,450  
                         
New Mexico
         $ 24,366,366     $ 27,139,003  
 
ALBUQUERQUE N M ARPT REV
PRT, AIRPRT & MARINA REV.
Aa3
 A1     4,730,581       4,813,280  
 
BERNALILLO CNTY N M GROSS RCPT
MISCELLANEOUS TAXES
No Guarantee
Aa1
     6,831,430       7,354,044  
 
BERNALILLO CNTY N M GROSS RCPT
SALES TAX REVENUE
No Guarantee
Aa1
     9,021,075       10,702,148  
 
NEW MEXICO FIN AUTH ST TRANSN
TRANSIT REVENUE
Aa2
Aa2
     1,270,615       1,326,172  
 
SANTA FE CNTY N MEX CORRECTION
MISCELLANEOUS REVENUE
Aa2
 A1     2,512,665       2,943,359  
                         
Nevada
           $ 7,344,607     $ 7,581,466  
 
NEVADA ST HWY IMPT REV
FUEL SALES TAX REVENUE
Aa1
Aa1
     7,344,607       7,581,466  
                         
New York
           $ 12,116,874     $ 13,691,519  
 
NEW YORK N Y NEW PUB HSG AUTH
LOCAL OR GTD HOUSING
No Guarantee
Aaa
     300,000       314,391  
 
 
 
 
 
Exhibit I - Page 4 of 5
 
 
NEW YORK ST DORM AUTH REVS
MISCELLANEOUS REVENUE
No Guarantee
Aa3
     2,806,600       3,112,656  
 
NEW YORK ST ENVIRONMENTAL FACS
INCOME TAX REVENUE
No Guarantee
Aa1
     4,425,373       4,675,409  
 
NEW YORK ST LOC GOVT ASSISTANC
SALES TAX REVENUE
Aa1
Aa1
     4,584,901       5,589,063  
                         
Ohio
           $ 68,410,942     $ 73,036,326  
 
BUTLER CNTY OHIO SWR SYS REV
SEWER REVENUE
Aa3
Aa3
     2,464,667       2,626,078  
 
CLEVELAND OHIO WTRWKS REV
WATER REVENUE
Aa1
Aa1
     689,355       705,525  
 
CLEVELAND OHIO WTRWKS REV
WATER REVENUE
Aa1
Aa2
     1,831,816       1,885,219  
 
HAMILTON CNTY OHIO SEWER SYS R
SEWER REVENUE
Aa2
Aa2
     4,773,130       5,054,353  
 
OHIO ST BLDG AUTH
LEASE REV.
Aa2
Aa2
     4,718,423       4,955,048  
 
OHIO ST BLDG AUTH
LEASE(RENEWAL)
Aa2
Aa2
     2,169,368       2,241,563  
 
OHIO ST BLDG AUTH
LEASE(RENEWAL)
No Guarantee
Aa2
     1,713,737       1,801,330  
 
OHIO ST TPK COMMN TPK REV
HIGHWAY REVENUE TOLLS
Aa2
Aa2
     22,795,612       24,368,605  
 
OHIO ST WTR DEV AUTH REV
WATER REVENUE
Aaa
Aaa
     6,547,709       7,192,563  
 
OHIO ST WTR DEV AUTH REV
WATER REVENUE
No Guarantee
Aaa
     6,089,937       6,444,700  
 
OHIO ST WTR DEV AUTH WTR
WATER REVENUE
No Guarantee
Aaa
     14,617,189       15,761,343  
                         
Oregon
           $ 7,063,807     $ 7,540,258  
 
OREGON ST
FUEL SALES TAX REVENUE
No Guarantee
Aa1
     1,077,911       1,135,000  
 
OREGON ST
LEASE (APPROPRIATION)
Aa2
Aa2
     1,064,059       1,123,125  
 
PORTLAND ORE SWR SYS REV
SEWER REVENUE
Aa2
Aa2
     4,921,837       5,282,133  
                         
Pennsylvania
         $ 52,518,602     $ 55,030,654  
 
ALLEGHENY CNTY PA
HLTH, HOSP, NURSHOME REV.
No Guarantee
Aa3
     8,256,134       8,740,781  
 
ALLEGHENY CNTY PA
PRT, AIRPRT & MARINA REV.
Baa1
Baa1
     2,075,991       2,097,550  
 
BETHLEHEM PENN AUTH WTR
WATER REVENUE
Aa2
No Underlying Rating
     1,978,278       2,033,710  
 
DELAWARE VALLEY PA REGL FIN AU
MISCELLANEOUS REVENUE
 A2 A2     24,157,057       24,613,281  
 
NORTHAMPTON CNTY PA GEN PURP
MISCELLANEOUS REVENUE
Aa1
Aa1
     6,590,645       7,020,797  
 
NORTHAMPTON CNTY PA GEN PURP
MISCELLANEOUS REVENUE
No Guarantee
Aa1
     2,098,555       2,295,938  
 
PENNSYLVANIA CONVENTION CTR AU
MISCELLANEOUS REVENUE
Aaa
Aaa
     4,120,590       4,381,847  
 
WESTMORELAND CNTY PA MUN AUTH
WATER REVENUE
Aaa
Aaa
     3,241,350       3,846,750  
                         
Puerto Rico
         $ 2,433,738     $ 2,429,955  
 
PUERTO RICO COMWLTH HWY & TRAN
HIGHWAY REVENUE TOLLS
Aa2
Baa1
     119,226       120,931  
 
PUERTO RICO COMWLTH INFRASTRUC
SALES TAX REVENUE
Baa1
Baa1
     658,257       639,000  
 
PUERTO RICO ELEC PWR AUTH PWR
ELEC. PWR. & LT. REVS.
 A1
Baa1
     163,301       166,992  
 
PUERTO RICO ELEC PWR AUTH PWR
ELEC. PWR. & LT. REVS.
Baa1
Baa1
     956,954       967,563  
 
PUERTO RICO ELEC PWR AUTH PWR
ELEC. PWR. & LT. REVS.
No Guarantee
Baa1
     535,999       535,469  
                         
Rhode Island
         $ 4,316,999     $ 4,855,405  
 
RHODE ISLAND DEPOSITORS ECONOM
SALES TAX REVENUE
Aaa
Aaa
     4,316,999       4,855,405  
                         
South Carolina
         $ 33,884,665     $ 36,413,517  
 
CHARLESTON S C WTRWKS & SWR RE
WATER REVENUE
No Guarantee
Aa1
     8,881,955       9,798,902  
 
COLUMBIA S C WTRWKS & SWR SYS
WATER REVENUE
No Guarantee
Aa2
     1,315,945       1,297,786  
 
GREENVILLE CNTY S C SCH DIST I
LEASE REV.
Aa2
Aa2
     1,036,539       1,106,875  
 
PIEDMONT MUN PWR AGY S C ELEC
ELEC. PWR. & LT. REVS.
Aaa
Aaa
     8,491,609       9,917,263  
 
SOUTH CAROLINA ST HSG FIN & DE
LOCAL OR GTD HOUSING
No Guarantee
Aaa
     3,094,418       3,051,563  
 
SOUTH CAROLINA TRANSN INFRASTR
TRANSIT REVENUE
 A2 A2     5,290,702       5,569,098  
 
SPARTANBURG S C WTRWKS REV
WATER REVENUE
Aa2
Aa3
     1,061,215       1,132,344  
 
WESTERN CAROLINA REGL SWR AUTH
SEWER REVENUE
Aa2
Aa2
     4,712,282       4,539,688  
                         
South Dakota
         $ 10,879,713     $ 11,652,539  
 
HEARTLAND CONSUMERS PWR DIST
ELEC. PWR. & LT. REVS.
No Guarantee
Aaa
     10,879,713       11,652,539  
                         
Tennessee
           $ 16,262,550     $ 16,499,571  
 
MET GOVT NASHVILLE & DAVIDSON
SEWER REVENUE
Aa2
Aa3
     15,710,721       15,942,021  
 
MET GOVT NASHVILLE & DAVIDSON
WATER REVENUE
Aa3
Aa3
     551,829       557,550  
                         
Texas
           $ 79,158,697     $ 87,280,654  
 
AUSTIN TEX ELEC UTIL SYS REV
ELEC. PWR. & LT. REVS.
Aa2
 A1     2,600,358       2,838,672  
 
AUSTIN TEX REV
MULTIPLE UTILITY REV.
 A1 A1     19,224,632       22,016,781  
 
DALLAS TEX WTRWKS & SWR SYS RE
WATER REVENUE
Aa1
Aa1
     1,408,784       1,548,703  
 
GARLAND TEX WTR & SWR REV
WATER REVENUE
Aa2
Aa2
     1,745,302       1,797,038  
 
HOUSTON TEX WTR & SWR SYS REV
WATER REVENUE
Aa2
Aa2
     11,957,953       13,731,833  
 
SAN ANTONIO TEX ARPT SYS REV
PRT, AIRPRT & MARINA REV.
Aa3
 A1     3,031,943       3,001,682  
 
SAN ANTONIO TEX ELEC & GAS
ELEC. PWR. & LT. REVS.
No Guarantee
Aa1
     4,881,915       5,150,018  
 
SAN ANTONIO TEX ELEC & GAS
ELEC. PWR. & LT. REVS.
No Guarantee
Aa2
     973,348       1,024,866  
 
SAN ANTONIO TEX ELEC & GAS
ELEC. PWR. & LT. REVS.
No Guarantee
AA1
     19,864       20,963  
 
SAN ANTONIO TEX WTR REV
WATER REVENUE
Aa1
Aa1
     1,056,234       1,149,375  
 
TEXAS MUN PWR AGY REV
ELEC. PWR. & LT. REVS.
 A1 A1     15,189,907       17,015,243  
 
TEXAS MUN PWR AGY REV
ELEC. PWR. & LT. REVS.
 A2 A2     329,764       384,938  
 
UNIVERSITY TEX PERM UNIV FD
COLLEGE & UNIV. REV.
No Guarantee
Aaa
     2,721,036       2,897,334  
 
UNIVERSITY TEX UNIV REVS
COLLEGE & UNIV. REV.
No Guarantee
Aaa
     7,026,190       7,649,801  
 
DUKE ENERGY CORP
INDUSTRIAL REVENUE
No Guarantee
Baa2
     6,991,465       7,053,408  
                         
Utah
           $ 15,951,175     $ 16,458,203  
 
UTAH ST
LEASE(RENEWAL)
Aa1
Aa1
     5,186,288       5,698,438  
 
UTAH TRAN AUTH SALES TAX REV
SALES TAX REVENUE
Aa1
Aa1
     1,069,258       1,145,469  
 
UTAH TRAN AUTH SALES TAX REV
SALES TAX REVENUE
No Guarantee
Aa1
     9,695,628       9,614,297  
 
 
 
 
 
 
Exhibit I - Page 5 of 5
                     
Virginia
           $ 57,911,123     $ 62,674,828  
 
CHESAPEAKE BAY BRDG & TUNL COM
HIGHWAY REVENUE TOLLS
 A3 A3     4,755,488       5,081,250  
 
DANVILLE VA INDL DEV AUTH HOSP
HLTH, HOSP, NURSHOME REV.
Aaa
Aaa
     2,027,567       2,294,688  
 
FAIRFAX CNTY VA WTR AUTH WTR R
WATER REVENUE
No Guarantee
Aaa
     3,603,663       3,400,313  
 
HENRICO CNTY VA WTR & SWR REV
WATER REVENUE
No Guarantee
Aaa
     1,150,371       1,144,688  
 
JAMES CITY CNTY VA ECON DEV AU
LEASE (APPROPRIATION)
Aa2
Aa2
     1,479,720       1,580,906  
 
NORFOLK VA REDEV & HSG AUTH MU
LOCAL OR GTD HOUSING
Baa2
No Underlying Rating
     786,854       777,312  
 
RICHMOND VA MET AUTH EXPWY REV
HIGHWAY REVENUE TOLLS
 A3 A3     8,827,626       9,918,466  
 
UPPER OCCOQUAN SEW AUTH VA REG
SEWER REVENUE
Aa1
Aa1
     11,066,984       12,165,007  
 
VIRGINIA COLLEGE BLDG AUTH VA
COLLEGE & UNIV. REV.
Aa2
Aa2
     7,646,371       8,735,313  
 
VIRGINIA COMWLTH TRANSN BRD TR
GENERAL FUND
Aa1
Aa1
     4,515,382       4,674,806  
 
VIRGINIA COMWLTH TRANSN BRD TR
TRANSIT REVENUE
Aa1
Aa1
     1,058,568       1,151,406  
 
VIRGINIA PORT AUTH PORT FAC RE
MISCELLANEOUS REVENUE
Aa3
 A1     1,586,919       1,657,080  
 
VIRGINIA ST PUB BLDG AUTH PUB
MISCELLANEOUS REVENUE
No Guarantee
Aa1
     5,197,028       5,701,563  
 
VIRGINIA ST PUB SCH AUTH
MISCELLANEOUS REVENUE
No Guarantee
Aa1
     2,183,073       2,326,250  
 
VIRGINIA ST PUB SCH AUTH
MISCELLANEOUS REVENUE
No Guarantee
Aa1
     2,025,509       2,065,781  
                         
Washington
         $ 50,407,378     $ 57,553,039  
 
CENTRAL PUGET SOUND WASH REGL
SALES TAX REVENUE
Aa1
Aa1
     27,752,533       32,675,434  
 
CHELAN CNTY WASH PUB UTIL DIST
ELEC. PWR. & LT. REVS.
Aa2
Aa2
     7,472,994       8,102,891  
 
CLARK CNTY WASH SWR REV
SEWER REVENUE
Aa2
Aa2
     1,012,696       1,137,781  
 
PORT SEATTLE WASH PASSENGER FA
PRT, AIRPRT & MARINA REV.
 A1 A1     4,142,285       4,474,375  
 
SEATTLE WASH WTR SYS REV
WATER REVENUE
Aa1
Aa1
     3,150,053       3,355,469  
 
VANCOUVER WASH WTR & SWR REV
WATER REVENUE
Aa3
Aa3
     3,055,144       3,304,823  
 
WASHINGTON ST PUB PWR SUPPLY
ELEC. PWR. & LT. REVS.
Aa1
Aa1
     3,821,671       4,502,266  
                         
Wisconsin
           $ 39,931,411     $ 43,606,349  
 
SOUTHEAST WIS PROFESSIONAL BAS
SALES TAX REVENUE
 A1 A1     10,090,580       11,067,188  
 
WISCONSIN CTR DIST WIS TAX REV
MISCELLANEOUS TAXES
Aa2
No Underlying Rating
     21,972,593       23,888,710  
 
WISCONSIN ST CLEAN WTR REV
MISCELLANEOUS REVENUE
Aa1
Aa1
     4,233,638       4,543,080  
 
WISCONSIN ST CLEAN WTR REV
SEWER REVENUE
No Guarantee
Aa1
     1,655,733       1,803,621  
 
WISCONSIN ST TRANSN REV
MISCELLANEOUS REVENUE
No Guarantee
Aa1
     1,978,867       2,303,750  
                         
West Virginia
         $ 28,574,335     $ 30,022,305  
 
WEST VIRGINIA ST BLDG COMMN LE
LEASE (NON-TERMINABLE)
Baa2
Baa2
     7,182,772       7,304,063  
 
WEST VIRGINIA ST PKWYS ECONOMI
HIGHWAY REVENUE TOLLS
Aa3
Aa3
     10,065,738       10,651,658  
 
WEST VA ST SCH BLDG AUTH REV
MISCELLANEOUS REVENUE
Aa3
Aa3
     2,705,090       2,837,600  
 
WEST VIRGINIA UNIV REVS
COLLEGE & UNIV. REV.
 A1 A1     8,620,735       9,228,984  
                         
Totals
           $ 1,175,035,782     $ 1,260,428,424