corresp

ALLEGHANY CORPORATION
7 Times Square Tower
New York, New York 10036

April 22, 2011

VIA ELECTRONIC MAIL

Securities and Exchange Commission
Division of Corporation Finance
100 F Street, N.E.
Washington, D.C. 20549


Re:		Alleghany Corporation Form 10-K for the Year Ended December 31, 2010 File Number: 001-09371

To the Members of the Securities and Exchange Commission:

The following information is provided by Alleghany Corporation (“Alleghany,” “we” or “our”) in response to the comments issued by the staff (the “Staff”) of the Securities and Exchange Commission (the “Commission”), by letter dated April 8, 2011, as a result of the Staff’s review of Alleghany’s Annual Report on Form 10-K for the year ended December 31, 2010 (the “2010 Form 10-K”). For ease of reference, the Staff’s comments are included in bold followed by our responses. Capitalized terms used but not defined herein have the meanings ascribed to them in the 2010 Form 10-K. All references in the following information to page numbers in the 2010 Form 10-K are to pages in the EDGAR version of such document.

In responding to the Staff’s comments, Alleghany acknowledges that it is responsible for the adequacy and accuracy of the disclosure in the 2010 Form 10-K; that Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the 2010 Form 10-K; and that Alleghany 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.

Securities and Exchange Commission
April 22, 2011
Page 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations, Critical Accounting Estimates-Investments Impairments, page 40

1. You disclose that an equity security is considered impaired if it declines in fair value for 12 months or more or if its decline in fair value is greater than 50%, absent compelling evidence to the contrary. Although dependent on specific facts and circumstances, it is very possible for a security to be considered other than temporarily impaired if fair value is less than amortized cost for less than 12 months or if the decline in value is less than 50%. Please tell us how your accounting policy considers these possibilities and, provide us proposed disclosure, as applicable, to be included in your financial statement accounting policy note in future filings. Please refer to SAB Topic 5M.

RESPONSE: Pursuant to Alleghany’s accounting policy with respect to a decline in value of equity securities, Alleghany initially evaluates all such securities that are in an unrealized loss position, regardless of the duration or severity of the loss, as of the applicable balance sheet date. Such initial review consists primarily of assessing whether:

	(i)		there has been a negative news event with respect to the issuer of any such equity security (irrespective of the duration or severity of its loss) that could indicate the existence of an other-than-temporary impairment; and

	(ii)		Alleghany has the ability and intent to hold any such equity security for a period of time sufficient to allow for an anticipated recovery (generally considered to be less than one year from the balance sheet date).

To the extent that an equity security in an unrealized loss position is not impaired based on the initial review described above, Alleghany then further evaluates such equity security and deems it to be other-than-temporarily impaired if its decline in fair value has existed for twelve months or more or if its decline in fair value from its cost is greater than 50 percent, absent compelling evidence to the contrary.

Alleghany then evaluates all remaining equity securities that are in an unrealized loss position the cost of which (i) exceeds their fair value by 20 percent or more as of the balance sheet date or (ii) has exceeded their fair value continuously for six (6) months or more preceding the balance sheet date. This evaluation takes into account quantitative and qualitative factors in determining whether such equity securities are other-than-temporarily impaired, including:

•

market valuation metrics associated with the equity security (e.g., dividend yield and price-to-earnings ratio);

Securities and Exchange Commission
April 22, 2011
Page 3

	•		current views on the equity security, as expressed by either by Alleghany’s internal stock analysts and/or by independent stock analysts or rating agencies; and

	•		discrete credit or news events associated with a specific company, such as negative news releases and rating agency downgrades with respect to the issuer of the investment.

In response to the Staff’s comment, Alleghany proposes to include disclosure substantially similar to that set forth in Appendix A hereto in its financial statement accounting policy for investments in future filings, and will include such disclosure in the investments footnote of its Report on Form 10-Q for the period ended March 31, 2011.

Note 3 Investments, page 83

2. You have investments of $1.2 billion in states, municipalities and political subdivisions that comprise 37% of equity. Please tell us about the following as of December 31, 2010:

	•		The amortized cost and fair value of your general obligation and special revenue bonds categorized by state, municipality and political subdivision and their credit rating with and without a financial guarantee by third parties;

	•		The amortized cost and fair value of general obligation and special revenue bonds rated investment grade by the credit rating agencies that are trading at credit spreads different than you would expect for the credit rating assigned;

	•		The nature and primary revenue sources for your special revenue bonds that comprise 60% of your states, municipalities and political subdivision portfolio; and,

	•		Your procedures for evaluating investments in states, municipalities and political subdivisions and how you factor in the credit ratings of these securities in your investment analysis and selection process. Also, tell us the investments for which you performed these procedures and, for those where these procedures resulted in you concluding that the rating assigned by the third party credit rating agency was significantly different, provide the fair value and amortized cost of those investments, as well as how and why your conclusion differed.

RESPONSE: Set forth in Appendix B hereto is a listing of Alleghany’s states, municipalities and political subdivision bonds (the “Bonds”) showing amortized cost, fair value, the actual credit rating (the “Actual Rating”) and, if insured, the credit rating as if

Securities and Exchange Commission
April 22, 2011
Page 4

uninsured (the “Uninsured Rating”). The aggregate total amount of the Bonds is $1,058.1 million on the basis of amortized cost and $1,068.5 million on the basis of fair value, which agrees to various tables which reflect such Bond holdings included in the 2010 Form 10-K.

With respect to the Staff’s request to provide information relating to Bonds rated investment grade by the credit rating agencies that are trading at credit spreads different than we would expect for the credit rating assigned, our procedures for evaluating investments in the Bonds, which are described in more detail below, primarily involve an internal analysis of the creditworthiness of the issuing entity. The Actual Rating or Uninsured Rating of the Bonds are factors in the process, but not primary factors. Consequently, we do not develop or record credit spread expectations for such Bonds and thus are not in a position to evaluate credit spreads in this manner.

Set forth in Appendix C is a summary of the nature and primary revenue sources of the special revenue bonds included in our Bond portfolio.

Alleghany’s procedures for evaluating investments in the Bonds primarily involve an internal analysis of the creditworthiness of the issuing entity. Such an assessment involves, as applicable:

	•		the evaluation of the nature and current (and estimated future) value of any underlying collateral, particularly relative to the value of the Bond;

	•		the evaluation of published financial statements of the issuing entity, its financial condition and the nature of past, current and estimated future net cash flows available to support the Bond;

	•		the evaluation of the terms of the Bond, including coupon, maturity date, subordination to other debt securities, and any special provisions that may, for example, enable either Alleghany (as the investor), or the issuing entity, to redeem such security at its election prior to its scheduled maturity date; and

	•		the evaluation of the overall risk-return profile of the Bond relative to the overall risk-return profile of all other debt securities within our investment universe (which includes U.S. Government obligations, mortgage and asset-backed securities, foreign bonds and corporate bonds) at the time of investment.

The Actual Rating or Uninsured Rating of the Bond may be a factor in Alleghany’s internal credit analysis, but it is not a primary one.

Securities and Exchange Commission
April 22, 2011
Page 5

The procedures for evaluating the investments in the Bonds described above are not designed to enable Alleghany to determine whether the credit ratings assigned by the credit rating agencies were significantly different than our expectations and thus we are not in a position to make any conclusions relating thereto.

3. Please provide us proposed disclosure to be included in future filings showing the types of securities and the amounts that are guaranteed by third parties along with their credit rating with and without the guarantee from the third parties for all of the applicable securities.

RESPONSE: Alleghany included this type of disclosure in its Annual Reports on Form 10-K prior to the 2010 Form 10-K. However, as disclosed on page 63 of the 2010 Form 10-K, in 2010 the impact of insurance provided by third party financial guaranty insurance companies was not significant to the Actual Ratings for such Bonds. In this regard, compared on the basis of fair value, at December 31, 2010 there was not a material difference in the proportionate distribution of the Bonds amongst the rating categories, as illustrated below:


States, Municipalities and Political Subdivision Bonds
	% of Total Fair Value			% of Total Fair Value
	Based on Lowest			Based on Lowest
Ratings Category	Actual Rating			Uninsured Rating
AAA / Aaa		22.0	%		22.5	%
AA / Aa		63.0	%		61.1	%
A / A		13.4	%		15.7	%
BBB / Baa		1.5	%		0.5	%
Below BBB / Baa		—			—
Not rated		0.1	%		0.2	%

Total		100.0	%		100.0	%

Total fair value (millions)	$	1,068.5		$	1,068.5

The lowest rating published by either Standard & Poor’s, Moody’s or Fitch is used above. Some rating agencies that publish the lowest Actual Rating for a Bond do not always publish an Uninsured Rating for that Bond. Thus, another rating agency may be used to provide the lowest Uninsured Rating. This may result in the anomaly of a Bond having a higher Uninsured Rating than its Actual Rating.

In response to the Staff’s comment, Alleghany proposes to include disclosure substantially similar to that set forth in Appendix D hereto in its future filings to the

APPENDIX A

Marked to Show Substantive Changes from the 2010 Form 10-K

Alleghany holds it equity and debt securities as available for sale, and as such, these securities are recorded at fair value. Alleghany continually monitors the difference between cost and the estimated fair value of its investments, which involves uncertainty as to whether declines in value are temporary in nature. If a decline in the value of a particular investment is deemed temporary, Alleghany records the decline as an unrealized loss in stockholders’ equity. If the decline is deemed to be other than temporary, Alleghany writes it down to the carrying value of the investment and records an other-than-temporary impairment loss on its statement of earnings, regardless of whether Alleghany continues to hold the applicable security. In addition, under GAAP, any portion of such decline that relates to debt securities that is believed to arise from factors other than credit is recorded as a component of other comprehensive income.

Management’s assessment of a decline in value initially involves an evaluation of all securities that are in an unrealized loss position, regardless of the duration or severity of the loss, as of the applicable balance sheet date. Such initial review consists primarily of assessing whether:

	(i)		there has been a negative news event with respect to the issuer of any such security (irrespective of the duration or severity of its loss) that could indicate the existence of an other-than-temporary impairment;

	(ii)		Alleghany has the ability and intent to hold an equity security for a period of time sufficient to allow for an anticipated recovery (generally considered to be less than one year from the balance sheet date); and,

	(iii)		it is more likely than not that Alleghany will sell a debt security before recovery of its amortized cost basis.

Alleghany then evaluates all remaining equity securities that are in an unrealized loss position the cost of which:

(i)

exceeds fair value by 20 percent or more as of the balance sheet date; or

A-1

(ii)

has exceeded their fair value continuously for six (6) months or more preceding the balance sheet date.

This evaluation takes into account quantitative and qualitative factors in determining whether such securities are other-than-temporarily impaired including:

	•		market valuation metrics associated with the equity security (e.g., dividend yield and price-to-earnings ratio);

	•		current views on the equity security, as expressed by either by Alleghany’s internal stock analysts and/or by independent stock analysts or rating agencies; and

	•		discrete credit or news events associated with a specific company, such as negative news releases and rating agency downgrades with respect to the issuer of any such security.

To the extent that a debt security that is in an unrealized loss position is not impaired based on the initial review described above, Alleghany will consider a debt security to be impaired when it believes it to be probable that Alleghany will not be able to collect all amounts due under the security’s contractual terms.

Alleghany may ultimately record a realized loss after having originally concluded that the decline in value was temporary. Risks and uncertainties are inherent in the methodology Alleghany uses to assess other-than-temporary declines in value. Risks and uncertainties could include, but are not limited to, incorrect assumptions about financial condition, liquidity or future prospects, inadequacy of any underlying collateral, and unfavorable changes in economic conditions, interest rates or credit ratings.

A-2


ALLEGHANY CORPORATION — STATES, MUNICIPALITIES & POLITICAL SUBDIVISION BOND HOLDINGS AS OF 12/31/2010		APPENDIX B
Sorted by State, SubSector and Issuer

COUPON

MATURITY

INSURED?

AS RATED,

$ AMORTIZED

$ FAIR

STATE

SUBSECTOR

CUSIP#

ISSUER

RATE

DATE

(Y or N)

IF UNINSURED

RATED

COST

VALUE

(for 'Y's only)

033161TZ3

ANCHORAGE ALASKA

5.00

9/1/2018

1,596,041

1,721,460

Revenue

011832N81

ALASKA ST HSG FIN CORP

5.00

6/1/2036

2,315,985

2,319,226

Revenue

011832V33

ALASKA ST HSG FIN CORP

5.00

6/1/2021

1,282,002

1,270,492

Revenue

011832V41

ALASKA ST HSG FIN CORP

5.00

6/1/2022

2,133,768

2,103,567

Revenue

011842NS6

ALASKA ST INTL ARPTS REVS

5.00

10/1/2011

A+

BBB

503,239

514,415

662523XA2

NORTH SLOPE BORO ALASKA

5.43

6/30/2023

AA-

300,000

297,444

Prerefunded

472682MJ9

JEFFERSON CNTY ALA SWR REV

5.13

2/1/2042

AAA

3,055,877

3,193,890

Revenue

010608WW3

ALABAMA ST PUB SCH & COLLEGE A

5.00

2/1/2013

2,022,159

2,085,760

Revenue

04108NTP7

ARKANSAS ST DEV FIN AUTH ECONO

5.80

12/1/2020

230,000

230,200

Revenue

041080HG0

ARKANSAS ST DEV FIN AUTH MULTI

5.55

4/1/2021

260,544

261,872

Revenue

850269BF7

SPRINGDALE ARK SALES & USE TAX

5.00

7/1/2021

AA-

2,805,514

2,858,818

Revenue

9140845X2

UNIVERSITY ARK UNIV REVS

5.00

10/1/2023

1,982,836

1,917,679

Revenue

914084TV0

UNIVERSITY ARK UNIV REVS

5.00

11/1/2012

1,018,241

1,071,440

567219UQ1

MARICOPA CNTY ARIZ UNI SCH DIS

5.00

7/1/2011

AA-

2,513,638

2,551,625

Prerefunded

040585AQ4

ARIZONA ST BRD REGTS CTFS PART

5.50

6/1/2015

AAA

1,012,057

1,021,560

Prerefunded

040654GY5

ARIZONA ST TRANSN BRD HWY REV

5.25

7/1/2020

AAA

1,006,746

1,024,610

Prerefunded

566877DA1

MARICOPA CNTY ARIZ PUB FIN

5.50

7/1/2015

AAA

404,861

410,152

Revenue

040649JW6

ARIZONA ST TRANSN BRD EXCISE T

5.25

7/1/2020

7,944,362

7,820,196

Revenue

040654RA5

ARIZONA ST TRANSN BRD HWY REV

5.00

7/1/2027

AAA

2,153,984

2,066,820

Revenue

040654RD9

ARIZONA ST TRANSN BRD HWY REV

5.00

7/1/2029

AAA

1,076,827

1,036,599

Revenue

040688LE1

ARIZONA WTR INFRASTRUCTURE FIN

5.00

10/1/2030

AAA

1,617,604

1,534,770

Revenue

040688LJ0

ARIZONA WTR INFRASTRUCTURE FIN

5.00

10/1/2025

AAA

1,117,736

1,076,670

Revenue

79575DA42

SALT RIVER PROJ ARIZ AGRIC IMP

5.00

1/1/2025

1,077,995

1,058,690

Revenue

79575DWX4

SALT RIVER PROJ ARIZ AGRIC IMP

5.00

1/1/2022

1,413,713

1,347,812

Revenue

79575DWY2

SALT RIVER PROJ ARIZ AGRIC IMP

5.00

1/1/2023

2,025,630

1,962,949

Revenue

79575DXB1

SALT RIVER PROJ ARIZ AGRIC IMP

5.00

1/1/2026

1,083,374

1,040,090

Revenue

79575DXD7

SALT RIVER PROJ ARIZ AGRIC IMP

5.00

1/1/2028

2,990,625

2,873,136

130625DU7

CALIFORNIA ST

6.25

9/1/2012

A-

1,343,805

1,376,614

13062PXQ0

CALIFORNIA ST

5.25

2/1/2023

A-

BBB

5,468,643

5,222,850

13062TRS5

CALIFORNIA ST

5.00

10/1/2017

A-

2,083,313

2,071,781

13063AF90

CALIFORNIA ST

5.13

3/1/2025

A-

2,000,344

1,950,204

250433ME6

DESERT SANDS CALIF UNI SCH DIS

5.00

6/1/2021

AA-

261,061

262,048

358232RA6

FRESNO CALIF UNI SCH DIST

6.00

2/1/2018

A+

BBB+

1,405,328

1,417,088

544644A23

LOS ANGELES CALIF UNI SCH DIST

5.00

7/1/2018

AA-

1,071,499

1,068,170

Prerefunded

38122NAP7

GOLDEN ST TOB SECURITIZATION

6.25

6/1/2033

AAA

3,344,611

3,481,630

B-1

COUPON

MATURITY

INSURED?

AS RATED,

$ AMORTIZED

$ FAIR

STATE

SUBSECTOR

CUSIP#

ISSUER

RATE

DATE

(Y or N)

IF UNINSURED

RATED

COST

VALUE

(for 'Y's only)

Revenue

13066YRJ0

CALIFORNIA ST DEPT WTR RES PWR

5.00

5/1/2014

AA-

11,042,822

10,929,402

Revenue

13066YRK7

CALIFORNIA ST DEPT WTR RES PWR

5.00

5/1/2015

AA-

1,988,657

1,962,188

Revenue

79765RQZ5

SAN FRANCISCO CALIF CITY & CNT

5.00

11/1/2022

AA-

3,599,662

3,548,193

005482M92

ADAMS & ARAPAHOE CNTYS COLO JT

5.25

12/1/2025

AA-

272,960

269,280

006449AE2

ADAMS 12 FIVE STAR SCHS COLO

5.00

12/15/2021

AA-

4,080,547

4,165,112

249164HG2

DENVER COLO CITY & CNTY

5.00

8/1/2021

AAA

5,960,154

6,199,068

258885B50

DOUGLAS CNTY COLO SCH DIST NO

5.25

12/15/2021

6,768,659

6,770,781

258885F23

DOUGLAS CNTY COLO SCH DIST NO

5.00

12/15/2020

1,228,946

1,140,140

258885F31

DOUGLAS CNTY COLO SCH DIST NO

5.00

12/15/2021

1,233,881

1,132,880

283425GH3

EL PASO CNTY COLO SCH DIST NO

5.00

12/1/2017

AA-

516,279

557,850

283483HL2

EL PASO CNTY COLO SCH DIST NO

5.00

12/1/2021

AA-

1,249,736

1,293,912

430901CD8

HIGHLANDS RANCH MET DIST NO 2

5.00

6/15/2021

AA+

2,672,628

2,789,987

66088RAQ9

NORTH METRO FIRE RESCUE DIST

5.00

12/1/2021

1,253,871

1,312,110

840480FT9

SOUTH SUBN PK & REC DIST COLO

5.00

12/15/2019

3,599,826

3,754,761

949289MM1

WELD CNTY COLO SCH DIST NO 006

5.00

12/1/2012

AA-

1,025,341

1,079,040

Prerefunded

196474XQ8

COLORADO HEALTH FACS AUTH REV

5.50

9/1/2016

AAA

1,275,941

1,291,900

Prerefunded

196474XR6

COLORADO HEALTH FACS AUTH REV

5.50

9/1/2017

AAA

2,041,506

2,067,040

Prerefunded

247541EG6

DELTA CNTY COLO JT SCH DIST NO

5.50

12/1/2023

AAA

213,285

226,132

Prerefunded

24919HEF5

DENVER COLO CITY & CNTY EXCISE

5.38

9/1/2014

AAA

401,593

403,372

Prerefunded

759136HX5

REGIONAL TRANSN DIST COLO SALE

5.50

11/1/2021

AAA

258,320

271,593

Revenue

051558AH7

AURORA COLO HSG AUTH MULTIFAMI

5.70

12/1/2018

AA+

400,000

400,404

Revenue

196632HS5

COLORADO SPRINGS COLO UTILS

5.00

11/15/2021

6,519,309

6,007,721

Revenue

196632HT3

COLORADO SPRINGS COLO UTILS

5.00

11/15/2022

3,237,434

2,974,235

Revenue

2491814N5

DENVER COLO CITY & CNTY ARPT R

5.00

11/15/2026

A+

1,282,126

1,185,575

Revenue

2491814P0

DENVER COLO CITY & CNTY ARPT R

5.00

11/15/2027

A+

2,545,846

2,343,154

Revenue

282903EA7

EL PASO CNTY COLO HOME MTG REV

8.38

3/25/2019

AAA

732

734

Revenue

759136LE2

REGIONAL TRANSN DIST COLO SALE

5.00

11/1/2021

3,118,607

3,234,930

20772GK31

CONNECTICUT ST

5.00

4/15/2021

3,041,714

2,975,589

Revenue

207758KT9

CONNECTICUT ST SPL TAX OBLIG

5.00

11/1/2015

AA-

1,731,738

1,699,560

Revenue

914233TM3

UNIVERSITY CONN

5.00

2/15/2023

AA-

2,537,578

2,458,044

Revenue

207758KF9

CONNECTICUT ST SPL TAX OBLIG

5.31

12/1/2023

AA-

10,000,000

10,238,700

Revenue

25477GCL7

DISTRICT COLUMBIA INCOME TAX R

5.00

12/1/2026

AA+

1,449,926

1,399,454

Revenue

25477GDZ5

DISTRICT COLUMBIA INCOME TAX R

5.00

12/1/2024

AA+

5,199,776

4,987,072

Revenue

25477GEB7

DISTRICT COLUMBIA INCOME TAX R

5.00

12/1/2026

AA+

5,208,098

4,986,312

Revenue

592646V91

METROPOLITAN WASHINGTON D C AR

5.00

10/1/2024

AA-

4,136,749

4,002,760

Revenue

592646W25

METROPOLITAN WASHINGTON D C AR

5.00

10/1/2025

AA-

3,332,813

3,206,385

Revenue

592646W33

METROPOLITAN WASHINGTON D C AR

5.00

10/1/2026

AA-

1,017,632

973,350

B-2

COUPON

MATURITY

INSURED?

AS RATED,

$ AMORTIZED

$ FAIR

STATE

SUBSECTOR

CUSIP#

ISSUER

RATE

DATE

(Y or N)

IF UNINSURED

RATED

COST

VALUE

(for 'Y's only)

Revenue

592646W41

METROPOLITAN WASHINGTON D C AR

5.00

10/1/2027

AA-

1,010,631

964,730

Revenue

592646WP4

METROPOLITAN WASHINGTON D C AR

5.00

10/1/2014

AA-

4,655,199

4,951,440

971567JT0

WILMINGTON DEL

5.00

10/1/2019

AA-

504,210

519,715

Prerefunded

246428VC7

DELAWARE TRANSN AUTH TRANSN SY

5.00

7/1/2017

AAA

2,538,501

2,660,125

Revenue

246419BC8

DELAWARE TRANSN AUTH

5.00

9/1/2023

3,892,963

3,781,855

Revenue

246428TU0

DELAWARE TRANSN AUTH TRANSN SY

5.00

7/1/2014

667,827

730,126

341535R53

FLORIDA ST BRD ED PUB ED

5.00

6/1/2012

AA+

2,028,631

2,120,080

Prerefunded

696543CJ4

PALM BEACH CNTY FLA PUB IMPT R

5.13

11/1/2017

AAA

2,039,498

2,079,620

Prerefunded

696550FA5

PALM BEACH CNTY FLA SCH BRD CT

5.50

8/1/2018

AAA

2,547,637

2,599,400

Revenue

875288DX7

TAMPA FLA UTIL TAX & SPL REV

5.25

10/1/2021

AA-

1,035,394

1,039,150

068743AU7

BARROW CNTY GA

5.00

10/1/2020

A+

1,026,719

1,053,580

259030PD0

DOUGLAS CNTY GA SCH DIST

5.00

4/1/2019

488,086

526,541

Revenue

04780TBZ6

ATLANTA GA ARPT PASSENGER FAC

5.00

1/1/2024

2,909,109

2,767,793

Revenue

04780TCA0

ATLANTA GA ARPT PASSENGER FAC

5.00

1/1/2025

4,054,461

3,857,737

Revenue

04780TCM4

ATLANTA GA ARPT PASSENGER FAC

5.00

1/1/2026

3,136,989

2,993,700

Revenue

240523RK8

DE KALB CNTY GA WTR & SEW REV

5.00

10/1/2020

AA+

2,006,936

2,073,630

Revenue

359900TS6

FULTON CNTY GA DEV AUTH REV

5.00

12/1/2019

1,054,327

1,059,780

Revenue

3735385Q6

GEORGIA ST HSG & FIN AUTH REV

5.50

12/1/2021

AAA

500,000

500,235

Revenue

426338LU1

HENRY CNTY GA & HENRY CNTY WTR

5.13

2/1/2018

BBB

1,087,643

1,118,822

Revenue

70360PCJ8

PAULDING CNTY GA WTR & SEW REV

5.00

12/1/2020

AA-

1,030,914

1,064,800

4197804H1

HAWAII ST

5.00

3/1/2020

AA+

2,075,427

2,156,420

4197804K4

HAWAII ST

5.00

3/1/2021

AA+

3,108,893

3,175,620

4197806D8

HAWAII ST

5.00

4/1/2023

821,395

835,931

419791ZQ4

HAWAII ST

5.00

9/1/2012

AAA

515,472

535,645

438670HL8

HONOLULU HAWAII CITY & CNTY

5.00

7/1/2020

AA+

3,098,252

3,249,990

438670JN2

HONOLULU HAWAII CITY & CNTY

5.00

7/1/2019

AA+

2,916,224

3,017,408

438670KA8

HONOLULU HAWAII CITY & CNTY

5.00

7/1/2020

AA+

1,187,843

1,245,830

Prerefunded

438701CL6

HONOLULU HAWAII CITY & CNTY

5.13

7/1/2031

AAA

405,005

409,596

Revenue

438689GK1

HONOLULU HAWAII CITY & CNTY BR

5.25

7/1/2017

258,182

273,298

262608NU2

DU PAGE & WILL CNTYS ILL CMNTY

5.00

12/30/2020

AA+

7,208,231

7,411,714

Revenue

250145FY0

DES MOINES IOWA SWR REV

5.00

6/1/2020

1,266,331

1,284,953

Revenue

45129T2F3

IDAHO HSG & FIN ASSN

6.00

7/1/2019

A+

45,000

45,033

Revenue

45129TA64

IDAHO HSG & FIN ASSN

5.35

1/1/2019

AAA

29,926

30,018

Revenue

45129TC70

IDAHO HSG & FIN ASSN

5.70

7/1/2019

AAA

55,074

55,079

Revenue

45129TH67

IDAHO HSG & FIN ASSN

5.95

1/1/2021

5,000

Revenue

45129TWP8

IDAHO HSG & FIN ASSN

5.13

7/1/2018

AAA

79,275

81,333

Revenue

45129TYK7

IDAHO HSG & FIN ASSN

5.20

7/1/2020

29,486

30,002

B-3

COUPON

MATURITY

INSURED?

AS RATED,

$ AMORTIZED

$ FAIR

STATE

SUBSECTOR

CUSIP#

ISSUER

RATE

DATE

(Y or N)

IF UNINSURED

RATED

COST

VALUE

(for 'Y's only)

Revenue

451296VQ7

IDAHO HSG AGY

6.70

7/1/2027

A-

15,000

15,015

Revenue

451296YG6

IDAHO HSG AGY

6.40

7/1/2027

A-

25,000

25,019

1675015X9

CHICAGO ILL BRD ED

5.00

12/1/2021

AA-

A+

3,651,035

3,558,625

167501L94

CHICAGO ILL BRD ED

5.25

12/1/2013

A+

1,027,089

1,067,500

2131838D1

COOK CNTY ILL

5.00

11/15/2019

5,363,488

5,413,783

262588DK9

DU PAGE & COOK CNTYS ILL

5.25

1/1/2024

AA+

268,897

261,728

483890MB2

KANE CNTY ILL SCH DIST NO 129

5.00

2/1/2018

A+

4,383,529

4,533,055

508354NB9

LAKE COUNTY ILL FST PRESV DIST

0.56

12/15/2013

AAA

1,105,000

1,082,215

968661EQ7

WILL COUNTY ILL FST PRESV DIST

5.00

12/15/2019

AA+

9,294,676

9,800,370

Prerefunded

167484D92

CHICAGO ILL

5.50

1/1/2036

AAA

2,250,000

Prerefunded

167691AT1

CHICAGO ILL SPL TRANSN REV

5.25

1/1/2031

AAA

6,929,202

6,826,764

Prerefunded

4521502Z7

ILLINOIS ST

5.38

11/1/2019

AAA

2,030,499

2,081,580

Prerefunded

581850MG6

MC LEAN & WOODFORD CNTYS ILL C

5.38

12/1/2019

AAA

410,169

418,404

Revenue

167570LH1

CHICAGO ILL MULTI-FAMILY HSG R

5.30

10/1/2020

AAA

507,910

512,453

Revenue

16768TEX8

CHICAGO ILL SALES TAX REV

5.00

1/1/2018

AA-

5,204,070

5,292,072

Revenue

16768TEY6

CHICAGO ILL SALES TAX REV

5.00

1/1/2019

AA-

3,524,474

3,555,350

Revenue

16768TEZ3

CHICAGO ILL SALES TAX REV

5.00

1/1/2020

AA-

5,141,805

5,222,350

Revenue

45200PWL7

ILLINOIS HEALTH FACS AUTH REV

5.00

8/15/2011

AA-

1,264,508

1,274,175

Prerefunded

15147PAG1

CENTER GROVE IND 2000 BLDG

5.50

7/15/2012

AAA

1,381,983

1,397,658

Revenue

15147NAV3

CENTER GROVE IND BLDG CORP IND

5.00

7/15/2020

AA+

3,862,240

3,947,005

Revenue

40785EMP8

HAMILTON SOUTHEASTERN IND CONS

5.25

7/10/2012

AA+

1,017,823

1,061,820

Revenue

454898LU9

INDIANA MUN PWR AGY PWR SUPPLY

5.00

1/1/2011

A+

1,000,000

Revenue

455141PZ8

INDIANA TRANSN FIN AUTH HWY RE

5.50

12/1/2020

AA+

6,655,559

6,942,540

Revenue

715029FB5

PERRY TWP IND MULTI SCH BLDG C

5.00

7/10/2019

AA-

666,646

693,739

Revenue

46263RHD0

IPS MULTI-SCH BLDG CORP IND

5.20

7/15/2025

14,310,000

13,953,538

12343EAR1

BUTLER CNTY KANS UNI SCH DIST

5.00

9/1/2018

AA-

2,469,280

2,584,457

Revenue

478754Z64

JOHNSON CNTY KANS WTR DIST NO

5.00

6/1/2019

AAA

1,069,848

1,160,854

Revenue

48542KHX0

KANSAS ST DEV FIN AUTH REV

5.00

11/1/2020

2,084,116

2,152,580

Prerefunded

49151EJW4

KENTUCKY ST PPTY & BLDGS COMMN

5.38

2/1/2017

AAA

1,551,341

1,575,870

Revenue

49151EG72

KENTUCKY ST PPTY & BLDGS COMMN

5.00

3/1/2024

A+

13,274,108

12,444,479

Revenue

49151EH97

KENTUCKY ST PPTY & BLDGS COMMN

5.00

11/1/2011

A+

2,031,811

2,073,640

Revenue

49151EJF1

KENTUCKY ST PPTY & BLDGS COMMN

5.38

2/1/2011

A+

AA-

1,002,174

1,004,180

Revenue

49151EMN0

KENTUCKY ST PPTY & BLDGS COMMN

5.50

8/1/2018

A+

1,268,572

1,311,586

Revenue

49151EPQ0

KENTUCKY ST PPTY & BLDGS COMMN

5.00

8/1/2011

A+

1,520,957

1,538,925

Revenue

49151EUP6

KENTUCKY ST PPTY & BLDGS COMMN

5.25

10/1/2013

A+

AA-

2,854,033

2,977,479

Revenue

49151EXA6

KENTUCKY ST PPTY & BLDGS COMMN

5.00

10/1/2017

A+

1,810,019

1,907,060

Revenue

49151EXD0

KENTUCKY ST PPTY & BLDGS COMMN

5.00

10/1/2019

A+

9,407,247

9,642,675

B-4

COUPON

MATURITY

INSURED?

AS RATED,

$ AMORTIZED

$ FAIR

STATE

SUBSECTOR

CUSIP#

ISSUER

RATE

DATE

(Y or N)

IF UNINSURED

RATED

COST

VALUE

(for 'Y's only)

Revenue

491552UL7

KENTUCKY ST TPK AUTH ECONOMIC

5.00

7/1/2022

AA-

2,511,582

2,333,471

Revenue

491552UN3

KENTUCKY ST TPK AUTH ECONOMIC

5.00

7/1/2023

AA-

1,259,541

1,173,293

Revenue

546596JH1

LOUISVILLE & JEFFERSON CNTY KY

5.50

7/1/2011

A+

2,016,079

2,036,540

506484E75

LAFAYETTE LA PUB IMPT SALES TA

5.00

5/1/2011

AA-

2,012,497

2,026,740

546415ZP8

LOUISIANA ST

5.00

11/15/2020

AA-

942,350

901,688

Revenue

474176GL2

JEFFERSON LA SALES TAX DIST SP

5.00

12/1/2018

A+

4,028,985

4,167,744

Revenue

506484M84

LAFAYETTE LA PUB IMPT SALES TA

5.00

3/1/2017

AA-

2,899,639

2,967,603

Revenue

506484N26

LAFAYETTE LA PUB IMPT SALES TA

5.00

3/1/2019

AA-

1,078,361

1,097,669

Revenue

506484N42

LAFAYETTE LA PUB IMPT SALES TA

5.00

3/1/2021

AA-

3,483,782

3,491,213

Revenue

5462654S5

LOUISIANA HSG FIN AGY MTG REV

5.55

12/1/2019

AAA

35,000

35,011

57582PDK3

MASSACHUSETTS ST

0.66

11/1/2018

5,000,000

4,485,750

Prerefunded

575579RS8

MASSACHUSETTS BAY TRANSN AUTH

5.00

7/1/2020

AAA

72,835

81,796

Revenue

575567JN3

MASSACHUSETTS BAY TRANSN AUTH

5.50

3/1/2011

1,522,152

1,528,029

Revenue

575579SL2

MASSACHUSETTS BAY TRANSN AUTH

5.00

7/1/2020

AA+

2,008,188

2,131,299

Revenue

57583RW68

MASSACHUSETTS ST DEV FIN AGY

5.00

10/1/2025

A+

1,334,872

1,272,050

Revenue

57583PDB2

MASSACHUSETTS ST FED HWY

5.75

6/15/2011

AA+

1,250,000

1,255,637

Revenue

5759155G4

MASSACHUSETTS ST HSG FIN AGY H

5.45

7/1/2020

10,001

10,015

Revenue

575896FZ3

MASSACHUSETTS ST PORT AUTH REV

5.00

7/1/2024

AA-

1,555,223

1,473,542

Revenue

575896GB5

MASSACHUSETTS ST PORT AUTH REV

5.00

7/1/2026

AA-

1,093,194

1,032,840

Revenue

575896GV1

MASSACHUSETTS ST PORT AUTH REV

5.00

7/1/2021

AA-

1,429,673

1,375,488

Revenue

575896GW9

MASSACHUSETTS ST PORT AUTH REV

5.00

7/1/2022

AA-

1,888,143

1,813,286

Revenue

575896GX7

MASSACHUSETTS ST PORT AUTH REV

5.00

7/1/2023

AA-

5,410,873

5,161,386

Revenue

575896GY5

MASSACHUSETTS ST PORT AUTH REV

5.00

7/1/2024

AA-

1,494,125

1,415,653

Revenue

575896GZ2

MASSACHUSETTS ST PORT AUTH REV

5.00

7/1/2025

AA-

1,101,567

1,042,230

Revenue

575896HA6

MASSACHUSETTS ST PORT AUTH REV

5.00

7/1/2026

AA-

2,186,389

2,065,680

Revenue

576000BD4

MASSACHUSETTS ST SCH BLDG AUTH

5.00

8/15/2021

AA+

8,837,192

9,077,490

Revenue

576029AS1

MASSACHUSETTS ST TPK AUTH TPK

5.13

1/1/2023

AAA

2,420,461

2,403,471

Revenue

57604PPG3

MASSACHUSETTS ST WTR POLLUTN A

5.25

8/1/2020

AAA

1,155,979

1,172,880

Revenue

576049Q94

MASSACHUSETTS ST WTR RES AUTH

5.00

8/1/2022

AA+

1,392,105

1,356,987

Revenue

576049R28

MASSACHUSETTS ST WTR RES AUTH

5.00

8/1/2023

AA+

6,495,140

6,446,220

Revenue

914440JW3

UNIVERSITY MASS BLDG AUTH PROJ

5.00

5/1/2021

A+

14,914,171

15,253,112

442565NB9

HOWARD CNTY MD

5.00

8/15/2011

AAA

1,016,028

1,029,040

613340XT0

MONTGOMERY CNTY MD

5.25

11/1/2012

AAA

2,560,768

2,710,650

940157EW6

WASHINGTON SUBN SAN DIST MD

5.00

6/1/2011

AAA

404,165

407,580

Revenue

57419NHG2

MARYLAND ST CMNTY DEV ADMIN

5.38

9/1/2022

208,340

210,074

Revenue

57419PGQ6

MARYLAND ST CMNTY DEV ADMIN

4.00

9/1/2012

1,151,998

1,174,059

071365ZL7

BATTLE CREEK MICH

5.00

5/1/2011

AA-

403,096

405,356

B-5

COUPON

MATURITY

INSURED?

AS RATED,

$ AMORTIZED

$ FAIR

STATE

SUBSECTOR

CUSIP#

ISSUER

RATE

DATE

(Y or N)

IF UNINSURED

RATED

COST

VALUE

(for 'Y's only)

242595JG2

DEARBORN MICH SCH DIST

5.00

5/1/2012

AA-

1,027,519

1,052,530

315135ES8

FERNDALE MICH

5.00

4/1/2013

BBB

1,372,912

1,410,446

386028HE7

GRAND LEDGE MICH PUB SCHS DIST

5.00

5/1/2018

AA-

1,043,807

1,076,460

444240LC7

HUDSONVILLE MICH PUB SCHS

5.00

5/1/2020

AA-

1,616,616

1,636,078

468312DN0

JACKSON MICH PUB SCHS

5.00

5/1/2020

AA-

1,135,870

1,165,543

594610ZW0

MICHIGAN ST

5.25

12/1/2011

AA-

2,042,009

2,082,380

691599KM5

OXFORD MICH AREA CMNTY SCH DIS

5.00

5/1/2019

AA-

2,321,653

2,406,240

Prerefunded

182252QH2

CLARKSTON MICH CMNTY SCHS

5.25

5/1/2029

AAA

4,898,328

5,224,003

Prerefunded

251237WU3

DETROIT MICH SEW DISP REV

5.13

7/1/2031

AAA

4,540,805

4,607,235

Prerefunded

251255C94

DETROIT MICH WTR SUPPLY SYS

5.50

7/1/2033

AAA

1,024,754

1,035,690

Prerefunded

483224JD4

KALAMAZOO MICH CITY SCH DIST

5.25

5/1/2016

AAA

1,160,532

1,168,895

Revenue

59455RPN0

MICHIGAN MUN BD AUTH REV

5.75

11/1/2020

130,000

490303HY3

KENT CNTY MICH BLDG AUTH

5.73

12/1/2024

AAA

3,000,000

3,034,350

604129UD6

MINNESOTA ST

5.00

8/1/2021

AA+

2,966,336

2,846,225

604129UZ7

MINNESOTA ST

5.00

8/1/2021

AA+

5,508,772

5,293,978

804362LH2

SAUK RAPIDS MINN INDPT SCH DIS

5.00

2/1/2021

AAA

AA-

2,374,562

2,426,601

804362LK5

SAUK RAPIDS MINN INDPT SCH DIS

5.00

2/1/2023

AAA

AA-

2,420,452

2,442,692

Prerefunded

604114RD2

MINNESOTA PUB FACS AUTH WTR PO

5.00

3/1/2019

AAA

3,745,272

4,098,744

Revenue

11422RAM9

BROOKLYN PARK MINN ECONOMIC DE

5.60

7/1/2024

AAA

300,174

300,948

Revenue

603827SM9

MINNEAPOLIS & ST PAUL MINN MET

5.00

1/1/2018

AA-

1,139,592

1,114,080

Revenue

603827SN7

MINNEAPOLIS & ST PAUL MINN MET

5.00

1/1/2019

AA-

1,679,885

1,624,865

Revenue

603827SQ0

MINNEAPOLIS & ST PAUL MINN MET

5.00

1/1/2021

AA-

1,407,987

1,341,750

Revenue

603827SS6

MINNEAPOLIS & ST PAUL MINN MET

5.00

1/1/2023

AA-

2,402,409

2,282,940

Revenue

603827ST4

MINNEAPOLIS & ST PAUL MINN MET

5.00

1/1/2024

AA-

1,859,592

1,759,867

Revenue

603919VD0

MINNEAPOLIS MINN CMNTY DEV AGY

5.50

6/1/2018

A+

99,520

100,415

Revenue

603919VN8

MINNEAPOLIS MINN CMNTY DEV AGY

5.25

6/1/2019

A+

155,028

160,330

Revenue

603797WD9

MINNEAPOLIS ST PAUL MINN HSG F

5.10

4/1/2027

AAA

1,228,903

1,201,025

Revenue

604114QN1

MINNESOTA PUB FACS AUTH WTR PO

5.00

3/1/2016

AAA

2,083,865

2,313,720

Revenue

60415M3G7

MINNESOTA ST HSG FIN AGY

5.60

7/1/2022

AA+

75,000

76,568

Revenue

60415M4C5

MINNESOTA ST HSG FIN AGY

6.05

7/1/2027

AA+

60,000

60,018

Revenue

60415NBW1

MINNESOTA ST HSG FIN AGY

6.00

7/1/2022

AA+

125,313

126,130

467520QY1

JACKSON CNTY MO REORG SCH DIST

5.00

3/1/2015

AA+

1,038,500

1,106,810

Prerefunded

791638QZ5

ST LOUIS MO ARPT REV

5.13

7/1/2022

AAA

1,018,494

1,023,050

Revenue

60636PMH0

MISSOURI ST ENVIRONMENTAL IMPT

5.00

7/1/2019

AAA

1,815,160

1,960,015

Revenue

60636PSS0

MISSOURI ST ENVIRONMENTAL IMPT

5.25

1/1/2020

AAA

1,341,566

1,434,060

Revenue

60635NNX0

MISSOURI ST HSG DEV COMMN MTG

5.40

3/1/2021

AAA

133,867

135,020

Revenue

60636WGL3

MISSOURI ST HWYS & TRANS COMMN

5.00

5/1/2017

AAA

4,441,192

4,733,442

B-6

COUPON

MATURITY

INSURED?

AS RATED,

$ AMORTIZED

$ FAIR

STATE

SUBSECTOR

CUSIP#

ISSUER

RATE

DATE

(Y or N)

IF UNINSURED

RATED

COST

VALUE

(for 'Y's only)

Revenue

60636WMP7

MISSOURI ST HWYS & TRANS COMMN

5.00

5/1/2023

AA-

887,907

878,680

Revenue

851018HQ7

SPRINGFIELD MO PUB UTIL REV

5.00

8/1/2018

AA-

4,466,993

4,724,555

Prerefunded

60534PEB5

MISSISSIPPI DEV BK SPL OBLIG

5.38

2/1/2016

AAA

1,602,952

1,717,988

Revenue

61212REB8

MONTANA ST BRD HSG

5.65

12/1/2020

AA+

65,000

65,675

126775RR8

CABARRUS CNTY N C

5.00

2/1/2018

AA+

262,612

288,005

266705ZW5

DURHAM CNTY N C

5.00

4/1/2020

AAA

1,140,489

1,153,320

266705ZX3

DURHAM CNTY N C

5.00

4/1/2021

AAA

2,213,535

2,215,130

266705ZY1

DURHAM CNTY N C

5.00

4/1/2022

AAA

1,952,397

1,940,278

658256QE5

NORTH CAROLINA ST

5.00

3/1/2018

AAA

2,578,893

2,759,825

Prerefunded

658256PF3

NORTH CAROLINA ST

5.00

5/1/2016

AAA

3,493,683

3,713,922

Revenue

120518EH4

BUNCOMBE CNTY N C CTFS PARTN

5.00

4/1/2022

1,502,399

1,532,712

Revenue

161036HF8

CHARLOTTE N C ARPT REV

5.25

7/1/2018

A+

269,093

279,068

Revenue

161036HJ0

CHARLOTTE N C ARPT REV

5.50

7/1/2024

A+

253,479

251,655

Revenue

266113BU2

DUPLIN CNTY N C CTF PARTN

5.00

9/1/2013

1,257,683

1,307,515

Revenue

266113BV0

DUPLIN CNTY N C CTF PARTN

5.00

9/1/2014

1,026,575

1,071,940

Revenue

644802EA4

NEW HANOVER CNTY N C CTFS PART

5.00

9/1/2017

2,384,731

2,515,783

Revenue

658196C81

NORTH CAROLINA EASTN MUN PWR A

5.50

1/1/2012

BBB+

1,137,525

1,178,850

Revenue

658203P99

NORTH CAROLINA MUN PWR AGY NO

5.50

1/1/2011

AAA

805,000

Revenue

658203Q49

NORTH CAROLINA MUN PWR AGY NO

5.50

1/1/2011

195,000

Revenue

658908MB1

NORTH DAKOTA ST BRD HIGHER ED

5.00

4/1/2022

A+

AA-

1,631,746

1,650,105

Revenue

65888MP62

NORTH DAKOTA ST HSG FIN AGY RE

5.45

7/1/2021

AA+

338,932

340,065

514014HL6

LANCASTER CNTY NEB SCH DIST NO

5.00

1/15/2019

AAA

1,048,431

1,107,610

681712PK5

OMAHA NEB

5.25

4/1/2021

AAA

1,218,969

1,165,330

Revenue

63967CUY6

NEBRASKA INVT FIN AUTH SINGLE

5.70

9/1/2029

AAA

5,000

Revenue

681793T88

OMAHA PUB PWR DIST NEB ELEC RE

5.00

2/1/2018

259,045

272,835

Revenue

681793T96

OMAHA PUB PWR DIST NEB ELEC RE

5.00

2/1/2019

1,033,894

1,084,500

Revenue

681793U29

OMAHA PUB PWR DIST NEB ELEC RE

5.00

2/1/2020

6,661,184

6,866,752

Revenue

63968AMY8

NEBRASKA PUB PWR DIST REV

5.14

1/1/2014

A+

12,661,220

13,329,752

Revenue

64468TRD1

NEW HAMPSHIRE ST HSG FIN AUTH

6.13

1/1/2020

15,000

15,012

Revenue

64468TTL1

NEW HAMPSHIRE ST HSG FIN AUTH

5.45

1/1/2021

173,449

174,988

Prerefunded

646135WR0

NEW JERSEY ST TRANSN TR FD

5.00

12/15/2021

AAA

409,433

417,472

Revenue

645916Z42

NEW JERSEY ECONOMIC DEV AUTH

5.50

12/15/2019

AA-

14,966,707

14,901,390

Prerefunded

647353AX9

NEW MEXICO ST HWY COMN REV

5.50

6/15/2013

AAA

1,008,953

1,023,150

Revenue

64711MM46

NEW MEXICO FIN AUTH REV

4.50

6/1/2011

1,007,974

1,017,300

Revenue

64711RDT0

NEW MEXICO FIN AUTH ST TRANSN

5.00

12/15/2026

AA+

1,355,590

1,299,512

Revenue

64711RJS6

NEW MEXICO FIN AUTH ST TRANSN

5.00

6/15/2021

AA+

3,729,730

3,509,417

1810547T8

CLARK CNTY NEV SCH DIST

5.00

6/15/2011

4,038,112

4,082,680

B-7

COUPON

MATURITY

INSURED?

AS RATED,

$ AMORTIZED

$ FAIR

STATE

SUBSECTOR

CUSIP#

ISSUER

RATE

DATE

(Y or N)

IF UNINSURED

RATED

COST

VALUE

(for 'Y's only)

Revenue

181000JM3

CLARK CNTY NEV HWY IMPT REV

5.00

7/1/2011

AA-

3,364,464

3,395,301

Revenue

181000KK5

CLARK CNTY NEV HWY IMPT REV

5.00

7/1/2017

AA-

4,245,098

4,377,160

Revenue

6412712T7

NEVADA HSG DIV

5.95

4/1/2022

5,000

5,003

Revenue

6412713T6

NEVADA HSG DIV

5.85

10/1/2020

AAA

285,000

285,080

Revenue

6412714S7

NEVADA HSG DIV

5.88

4/1/2022

45,000

45,006

Revenue

6412716B2

NEVADA HSG DIV

5.40

10/1/2021

AAA

34,742

35,007

Revenue

6412717D7

NEVADA HSG DIV

5.50

4/1/2033

AA+

555,794

557,813

Revenue

641271C58

NEVADA HSG DIV

5.20

10/1/2018

AAA

39,494

40,020

64966HPX2

NEW YORK N Y

5.00

8/1/2022

4,415,302

4,279,960

Prerefunded

65003PCE2

NEW YORK ST URBAN DEV CORP

5.50

1/1/2017

AAA

100,000

Prerefunded

65003PCF9

NEW YORK ST URBAN DEV CORP

5.50

1/1/2017

AAA

937,284

900,000

Revenue

59259NCX9

METROPOLITAN TRANSN AUTH N Y D

5.25

4/1/2012

AAA

1,761,664

1,764,770

Revenue

64983UEB2

NEW YORK ST DORM AUTH REV

5.50

7/1/2011

BBB+

938,783

950,839

Revenue

64983QAM1

NEW YORK ST DORM AUTH REVS NON

5.00

7/1/2018

AA-

2,089,892

2,146,820

Revenue

64983QWY1

NEW YORK ST DORM AUTH REVS NON

5.00

8/1/2018

AA+

3,134,815

3,344,640

Revenue

649902JQ7

NEW YORK ST DORM AUTH ST PERS

5.00

3/15/2025

1,344,184

1,298,263

Revenue

649902N25

NEW YORK ST DORM AUTH ST PERS

5.00

2/15/2026

1,086,090

1,045,400

Revenue

649902WE9

NEW YORK ST DORM AUTH ST PERS

5.25

2/15/2026

11,945,463

11,707,987

Revenue

64986ANC1

NEW YORK ST ENVIRONMENTAL FACS

5.00

6/15/2021

AAA

3,523,101

3,681,895

Revenue

64986AND9

NEW YORK ST ENVIRONMENTAL FACS

5.00

6/15/2022

AAA

7,191,170

7,462,512

Revenue

650013T21

NEW YORK ST TWY AUTH HWY & BRD

5.00

4/1/2019

10,149,707

10,501,559

Revenue

650028GS6

NEW YORK ST TWY AUTH ST PERS

5.00

3/15/2021

AA-

1,546,388

1,572,510

Revenue

650017QX7

NEW YORK ST TWY AUTH SVC CONTR

5.50

4/1/2013

AA-

2,038,756

2,111,960

Revenue

896029YU3

TRIBOROUGH BRDG & TUNL AUTH N

6.13

1/1/2021

AAA

1,616,304

1,724,837

Revenue

64972FT55

NEW YORK N Y CITY MUN WTR FIN

5.79

6/15/2041

2,750,000

2,644,510

172252H27

CINCINNATI OHIO CITY SCH DIST

5.00

6/1/2028

AA-

1,726,945

1,628,575

172252H43

CINCINNATI OHIO CITY SCH DIST

5.00

6/1/2030

AA-

1,604,589

1,513,395

199491QC8

COLUMBUS OHIO

5.00

7/1/2011

AAA

1,367,011

1,381,671

575296FN3

MASON OHIO CITY SCH DIST

5.25

12/1/2018

AAA

2,568,575

2,779,603

677521GF7

OHIO STATE

5.00

5/1/2014

AA+

1,684,096

1,672,845

Prerefunded

172252XV5

CINCINNATI OHIO CITY SCH DIST

5.00

12/1/2031

AAA

4,660,301

4,995,090

Prerefunded

172311AR3

CINCINNATI OHIO WTR SYS REV

5.50

12/1/2017

AAA

354,321

357,546

Prerefunded

67755A2K8

OHIO ST BLDG AUTH

5.50

4/1/2016

AAA

402,983

405,180

Revenue

172253AN6

CINCINNATI OHIO CITY SCH DIST

5.00

12/15/2022

AA-

2,399,455

2,417,783

Revenue

232286AL8

CUYAHOGA CNTY OHIO REV

5.50

1/1/2011

AA-

1,000,000

Revenue

232286AM6

CUYAHOGA CNTY OHIO REV

5.50

1/1/2012

AA-

1,009,168

1,043,870

Revenue

407288RT8

HAMILTON CNTY OHIO SEWER SYS R

5.00

12/1/2015

524,596

567,450

B-8

COUPON

MATURITY

INSURED?

AS RATED,

$ AMORTIZED

$ FAIR

STATE

SUBSECTOR

CUSIP#

ISSUER

RATE

DATE

(Y or N)

IF UNINSURED

RATED

COST

VALUE

(for 'Y's only)

Revenue

663903CA8

NORTHEAST OHIO REGL SWR DIST W

5.00

11/15/2016

AA+

1,044,401

1,159,100

Revenue

677632HM6

OHIO ST UNIV GEN RCPTS

5.00

6/1/2011

1,009,455

1,019,120

Revenue

677659EP5

OHIO ST WTR DEV AUTH REV

5.50

12/1/2018

AAA

1,082,581

1,187,140

Revenue

889396LE5

TOLEDO OHIO WTRWKS REV

5.00

11/15/2020

AA-

1,453,677

1,464,178

Revenue

914119HQ8

UNIVERSITY CINCINNATI OHIO GEN

5.00

6/1/2020

A+

3,462,201

3,519,644

Revenue

914119PR7

UNIVERSITY CINCINNATI OHIO GEN

5.00

6/1/2024

A+

AA-

6,619,155

6,366,349

Revenue

677632MV0

OHIO ST UNIV GEN RCPTS

4.91

6/1/2040

5,000,000

4,526,750

Prerefunded

67908NLK5

OKLAHOMA ST CAPITOL IMPT AUTH

5.00

7/1/2018

AAA

3,116,160

3,435,900

Prerefunded

67908NLN9

OKLAHOMA ST CAPITOL IMPT AUTH

5.00

7/1/2020

AAA

5,703,802

6,299,150

Prerefunded

179090HT5

CLACKAMAS CNTY ORE SCH DIST NO

5.50

6/1/2012

AAA

1,006,436

1,021,010

Prerefunded

179090JD8

CLACKAMAS CNTY ORE SCH DIST NO

5.00

6/1/2022

AAA

3,024,005

3,056,790

Revenue

68607VUM5

OREGON ST DEPT ADMINISTRATIVE

5.00

4/1/2023

2,220,898

2,153,520

Revenue

68607DFH3

OREGON ST DEPT TRANSN HWY USER

5.00

11/15/2029

AA+

1,016,457

1,026,400

Revenue

736742JU2

PORTLAND ORE SWR SYS REV

5.25

6/1/2019

AA-

1,036,869

1,078,200

Revenue

736742KS5

PORTLAND ORE SWR SYS REV

5.00

10/1/2020

5,492,880

5,589,573

Revenue

736742TH0

PORTLAND ORE SWR SYS REV

5.00

3/1/2026

AA-

6,201,810

5,784,295

Revenue

736742TK3

PORTLAND ORE SWR SYS REV

5.00

3/1/2028

AA-

1,388,671

1,295,450

686053FY0

OREGON SCH BRDS ASSN

4.67

6/30/2020

A+

7,061,367

7,337,175

152735RD0

CENTRAL BUCKS PA SCH DIST

5.00

5/15/2019

AA+

1,045,907

1,131,100

156101HB6

CENTRAL YORK PA SCH DIST

5.00

6/1/2019

5,481,821

5,760,413

230822PL6

CUMBERLAND VALLEY PA SCH DIST

5.00

11/15/2020

AA-

1,611,348

1,626,276

230822PM4

CUMBERLAND VALLEY PA SCH DIST

5.00

11/15/2021

AA-

4,743,875

4,803,155

294223NW8

EPHRATA PA AREA SCH DIST

5.00

3/1/2020

AA-

185,334

192,755

514282NL2

LANCASTER PA

5.00

11/1/2019

A+

3,657,970

3,756,660

730436YY2

POCONO MOUNTAIN PA SCH DIST

5.00

9/1/2023

A-

AA-

802,378

786,353

756717HN7

RED LION PA AREA SCH DIST

5.00

2/1/2020

A+

AA-

1,433,149

1,450,185

836030LK0

SOUDERTON PA AREA SCH DIST

5.00

11/15/2020

4,061,828

4,139,411

896417KW1

TRINITY AREA SCH DIST PA

5.25

11/1/2020

A+

2,996,878

3,009,723

Prerefunded

165573PX8

CHESTER CNTY PA

5.00

11/15/2024

AAA

1,995,892

2,176,032

Prerefunded

294223LQ3

EPHRATA PA AREA SCH DIST

5.00

3/1/2021

AAA

2,080,154

2,085,100

Prerefunded

598520CA0

MIFFLIN CNTY PENN HOSP AUTH

6.00

7/1/2017

AAA

1,010,000

Prerefunded

656491KZ9

NORRISTOWN PENN AREA SCH DIST

5.00

9/1/2021

AAA

256,967

271,943

Prerefunded

7178806T0

PHILADELPHIA PA SCH DIST

5.50

2/1/2016

AAA

2,541,100

2,631,225

Prerefunded

730436UQ3

POCONO MOUNTAIN PA SCH DIST

4.45

9/15/2012

AAA

1,004,558

1,008,450

Revenue

709165AL8

PA ST HIGHER ED FACS AUTH ST

5.25

6/15/2017

417,503

443,256

Revenue

70917RH57

PENNSYLVANIA ST HIGHER EDL

5.00

6/15/2024

1,378,613

1,330,275

Revenue

70917RH81

PENNSYLVANIA ST HIGHER EDL

5.00

6/15/2027

1,073,974

1,032,660

B-9

COUPON

MATURITY

INSURED?

AS RATED,

$ AMORTIZED

$ FAIR

STATE

SUBSECTOR

CUSIP#

ISSUER

RATE

DATE

(Y or N)

IF UNINSURED

RATED

COST

VALUE

(for 'Y's only)

Revenue

709223YV7

PENNSYLVANIA ST TPK COMMN TPK

5.00

12/1/2022

A+

3,408,506

3,157,710

Revenue

709223YW5

PENNSYLVANIA ST TPK COMMN TPK

5.00

12/1/2023

A+

1,699,910

1,558,560

Revenue

709235NN1

PENNSYLVANIA ST UNIV

5.00

9/1/2019

1,022,141

1,075,670

160075RC3

CHARLESTON CNTY S C SCH DIST

5.00

2/1/2022

2,289,439

2,375,760

986525LF8

YORK CNTY S C SCH DIST NO 4 FO

5.00

3/1/2019

AA+

1,265,858

1,314,794

Revenue

084208AQ0

BERKELEY CNTY S C SCH DIST INS

5.25

12/1/2024

3,294,764

3,323,730

Revenue

198504RP9

COLUMBIA S C WTRWKS & SWR SYS

5.00

2/1/2020

AA+

3,089,181

3,182,190

Revenue

720175NC8

PIEDMONT MUN PWR AGY S C ELEC

6.50

1/1/2014

BBB+

2,443,852

2,549,778

Revenue

720175NT1

PIEDMONT MUN PWR AGY S C ELEC

5.50

1/1/2011

BBB+

1,000,000

Revenue

837147L39

SOUTH CAROLINA ST PUB SVC AUTH

5.00

1/1/2016

AA-

2,075,942

2,284,140

Revenue

83755GGC5

SOUTH DAKOTA HSG DEV AUTH

5.40

5/1/2020

AAA

114,208

115,063

Revenue

837562KS5

SOUTH DAKOTA ST UNIV REV

5.00

4/1/2020

A+

BBB+

512,258

520,880

5920134U7

MET GOVT NASHVILLE & DAVIDSON

5.00

10/15/2011

AAA

1,392,469

1,420,512

592112DZ6

MET GOVT NASHVILLE & DAVIDSON

5.00

7/1/2022

6,310,562

5,966,895

7832436V5

RUTHERFORD CNTY TENN

5.00

4/1/2022

AA+

1,412,652

1,291,565

783243Z43

RUTHERFORD CNTY TENN

5.00

4/1/2016

AA+

1,047,472

1,128,740

821686UF7

SHELBY CNTY TENN

5.00

4/1/2018

AA+

257,905

280,438

866407B32

SUMNER CNTY TENN

5.00

6/1/2014

723,997

781,543

880541FT9

TENNESSEE ST

5.00

5/1/2020

AA+

1,551,281

1,611,255

880541HT7

TENNESSEE ST

5.00

10/1/2015

AA+

4,592,264

5,015,159

880541PA9

TENNESSEE ST

4.00

5/1/2020

AA+

2,767,458

2,651,050

Revenue

586200MS3

MEMPHIS TENN SAN SEW SYS REV

5.00

5/1/2019

AA-

1,709,252

1,618,073

Revenue

880550MC9

TENNESSEE ST LOC DEV AUTH REV

5.00

3/1/2017

AA-

1,166,752

1,293,977

Revenue

880550MK1

TENNESSEE ST LOC DEV AUTH REV

5.00

3/1/2017

AA-

506,797

544,661

Revenue

880557F81

TENNESSEE ST SCH BD AUTH

5.00

5/1/2021

1,375,189

1,392,758

074509E22

BEAUMONT TEX

5.00

3/1/2019

AA-

1,843,346

1,925,556

074509E30

BEAUMONT TEX

5.00

3/1/2020

AA-

1,876,185

1,945,551

217482YL6

COPPELL TEX

5.00

2/1/2017

AA+

1,356,865

1,418,992

217482YM4

COPPELL TEX

5.00

2/1/2018

AA+

1,277,002

1,336,986

217489YA5

COPPELL TEX INDPT SCH DIST

0.00

8/15/2011

AAA

982,134

996,870

269695Y30

EAGLE MTN & SAGINAW TEX INDPT

5.00

8/15/2022

AAA

1,578,941

1,613,693

271515RJ9

EAST CENTRAL TEX INDPT SCH DIS

5.00

2/15/2019

AAA

1,362,298

1,433,808

358775UH5

FRISCO TEX

5.00

2/15/2013

AA+

2,108,029

2,203,753

366155QL6

GARLAND TEX INDPT SCH DIST

5.00

2/15/2022

AAA

1,034,764

1,056,790

414003Q71

HARRIS CNTY TEX

8.00

8/15/2011

AAA

411,535

418,576

414004XR7

HARRIS CNTY TEX

5.00

10/1/2011

AAA

2,410,633

2,456,724

4423305K8

HOUSTON TEX

5.00

3/1/2011

1,201,965

1,208,724

B-10

COUPON

MATURITY

INSURED?

AS RATED,

$ AMORTIZED

$ FAIR

STATE

SUBSECTOR

CUSIP#

ISSUER

RATE

DATE

(Y or N)

IF UNINSURED

RATED

COST

VALUE

(for 'Y's only)

44236PFF0

HOUSTON TEX CMNTY COLLEGE

5.00

2/15/2027

AA+

515,536

489,003

4424024T7

HOUSTON TEX INDPT SCH DIST

5.00

2/15/2019

AAA

16,007,847

17,066,379

4424026G3

HOUSTON TEX INDPT SCH DIST

5.00

2/15/2021

AAA

2,825,612

2,937,615

4813042Q5

JUDSON TEX INDPT SCH DIST

5.00

2/1/2019

AA-

1,555,782

1,604,812

511074JX5

LAKE TRAVIS TEX INDPT SCH DIST

5.00

2/15/2021

AAA

2,032,663

2,145,977

581663X63

MCKINNEY TEX INDPT SCH DIST

5.00

2/15/2021

AAA

798,678

819,026

702316R77

PASADENA TEX

5.00

2/15/2020

AA-

1,420,733

1,476,909

7342602A9

PORT HOUSTON AUTH TEX HARRIS C

5.00

10/1/2027

AAA

3,047,453

2,877,270

7342602B7

PORT HOUSTON AUTH TEX HARRIS C

5.00

10/1/2028

AAA

2,572,972

2,420,145

734260Z96

PORT HOUSTON AUTH TEX HARRIS C

5.00

10/1/2026

AAA

2,792,134

2,631,900

780869NY5

ROYSE CITY TEX INDPT SCH DIST

5.00

8/15/2026

AAA

1,613,918

1,499,875

780869NZ2

ROYSE CITY TEX INDPT SCH DIST

5.00

8/15/2027

AAA

2,813,817

2,615,284

806640PP7

SCHERTZ-CIBOLO-UNVL CITY TEX

5.00

2/1/2021

AAA

2,521,620

2,603,591

882721LS0

TEXAS ST

5.00

4/1/2019

AA+

474,601

494,699

882721NQ2

TEXAS ST

5.00

4/1/2022

AA+

2,095,975

2,121,880

882721R96

TEXAS ST

5.00

4/1/2026

AA+

1,464,643

1,366,001

882722QR5

TEXAS ST

5.00

8/1/2025

AA+

1,276,034

1,205,048

969887TU2

WILLIAMSON CNTY TEX

5.00

2/15/2019

AA+

4,152,040

4,378,440

969887TV0

WILLIAMSON CNTY TEX

5.00

2/15/2020

AA+

258,927

267,165

Prerefunded

442352AU4

HOUSTON TEX AREA WTR CORP

5.13

3/1/2032

AAA

1,774,197

1,842,330

Prerefunded

442402Y23

HOUSTON TEX INDPT SCH DIST

5.75

7/15/2014

AAA

3,503,102

3,550,740

Prerefunded

442402Y56

HOUSTON TEX INDPT SCH DIST

5.75

7/15/2017

AAA

2,284,632

2,315,700

Prerefunded

463831AK3

IRVING TEX WTRWKS & SWR REV

5.00

8/15/2013

AA+

1,636,607

1,691,616

Prerefunded

486062A51

KATY TEX INDPT SCH DIST

5.25

2/15/2025

AAA

401,103

402,412

Revenue

235036FP0

DALLAS FORT WORTH TEX INTL ARP

5.50

11/1/2020

A+

1,911,207

1,905,688

Revenue

235241ML7

DALLAS TEX AREA RAPID TRAN SAL

5.00

12/1/2023

1,156,434

1,093,500

Revenue

235416Z23

DALLAS TEX WTRWKS & SWR SYS RE

5.00

10/1/2025

AA+

1,959,117

1,873,865

Revenue

235416Z56

DALLAS TEX WTRWKS & SWR SYS RE

5.00

10/1/2028

AA+

1,932,021

1,815,468

Revenue

442435YM9

HOUSTON TEX UTIL SYS REV

5.00

11/15/2018

AA-

1,495,692

1,423,900

Revenue

54810C6R6

LOWER COLO RIV AUTH TEX REV

5.00

5/15/2021

1,705,394

1,610,505

Revenue

54810C6Y1

LOWER COLO RIV AUTH TEX REV

5.00

5/15/2019

2,024,220

1,930,058

Revenue

54810C6Z8

LOWER COLO RIV AUTH TEX REV

5.00

5/15/2020

1,446,267

1,361,125

Revenue

876443BC5

TARRANT REGL WTR DIST TEX WTR

5.00

3/1/2011

AA+

1,001,959

1,006,950

Revenue

882135S31

TEXAS A & M UNIV REVS

5.00

5/15/2025

AA+

2,658,674

2,614,816

Revenue

882555XM2

TEXAS MUN PWR AGY REV

5.00

9/1/2021

1,121,235

1,073,910

Revenue

882555XN0

TEXAS MUN PWR AGY REV

5.00

9/1/2022

1,653,392

1,592,370

Revenue

882555XR1

TEXAS MUN PWR AGY REV

4.00

9/1/2025

1,943,328

1,830,233

B-11

COUPON

MATURITY

INSURED?

AS RATED,

$ AMORTIZED

$ FAIR

STATE

SUBSECTOR

CUSIP#

ISSUER

RATE

DATE

(Y or N)

IF UNINSURED

RATED

COST

VALUE

(for 'Y's only)

Revenue

882555XS9

TEXAS MUN PWR AGY REV

5.00

9/1/2026

2,262,487

2,165,805

Revenue

88283LCS3

TEXAS ST TRANSN COMMN

5.00

4/1/2022

AAA

2,608,731

2,684,650

Revenue

88283LEK8

TEXAS ST TRANSN COMMN

5.00

4/1/2020

AAA

587,880

584,648

Revenue

914301J64

UNIVERSITY HOUSTON TEX UNIV

5.00

2/15/2026

AA-

1,413,599

1,286,888

795574NA6

SALT LAKE CITY UTAH

5.50

6/15/2011

AAA

3,300,462

3,327,587

917542MH2

UTAH ST

5.00

7/1/2015

AAA

4,576,899

4,997,845

Prerefunded

917547NJ6

UTAH ST BLDG OWNERSHIP AUTH LE

5.00

5/15/2020

AAA

408,639

415,840

Revenue

79560QAR9

SALT LAKE CITY UTAH SALES TAX

5.00

10/1/2019

AA+

5,433,553

5,662,550

Revenue

795685BT2

SALT LAKE CNTY UTAH SALES TAX

5.00

8/1/2011

AAA

1,670,551

1,702,430

Revenue

917396AL7

UTAH CNTY UTAH SALES TAX REV

5.00

11/1/2016

AA+

1,627,819

1,738,434

Revenue

917396AM5

UTAH CNTY UTAH SALES TAX REV

5.00

11/1/2017

AA+

1,435,088

1,514,124

Revenue

91754CBA7

UTAH ST BRD REGTS AUXILIARY &

5.00

4/1/2018

3,207,335

3,316,664

Revenue

91755NQB4

UTAH ST HSG FIN AGY

5.40

7/1/2020

AAA

9,883

10,036

015302ZV7

ALEXANDRIA VA

5.00

6/15/2019

AAA

1,080,077

1,165,020

655867BG3

NORFOLK VA

5.00

6/1/2013

2,049,226

2,194,220

Revenue

92817LGJ6

VIRGINIA ST RES AUTH CLEAN WTR

4.75

10/1/2022

AAA

4,120,787

4,272,880

Revenue

927781VV3

VIRGINIA COLLEGE BLDG AUTH VA

5.00

9/1/2025

2,265,000

2,151,818

Revenue

92817QVR0

VIRGINIA ST RES AUTH INFRASTRU

4.97

11/1/2024

AAA

750,000

767,310

Revenue

924195WR7

VERMONT HSG FIN AGY SINGLE FAM

5.90

5/1/2019

BB+

AA-

45,000

45,025

Revenue

924195YT1

VERMONT HSG FIN AGY SINGLE FAM

5.55

11/1/2021

BB+

AA-

180,018

180,099

Revenue

9242113E3

VERMONT MUN BD BK

5.00

12/1/2018

2,168,037

2,243,611

Revenue

9242113D5

VERMONT MUN BD BK

5.00

12/1/2017

1,049,641

1,096,050

Revenue

9242113G8

VERMONT MUN BD BK

5.00

12/1/2020

2,153,412

2,195,425

Revenue

9242113K9

VERMONT MUN BD BK

5.00

12/1/2022

2,010,846

2,032,543

006122FU4

ADAMS CNTY WASH JT CONS SCH

5.00

12/1/2019

A+

AA+

1,615,294

1,714,440

49474EZH9

KING CNTY WASH

5.00

1/1/2012

AA+

1,484,944

1,536,812

495098SA4

KING CNTY WASH SCH DIST NO 405

5.00

12/1/2018

AA+

7,378,689

7,686,376

495260UV1

KING CNTY WASH SCH DIST NO 414

5.00

12/1/2024

1,087,884

1,056,950

720356XM1

PIERCE CNTY WASH

5.00

12/1/2020

AA-

1,501,630

1,540,196

720424VD9

PIERCE CNTY WASH SCH DIST NO 0

5.00

12/1/2018

AA+

5,193,991

5,554,700

886172LM5

THURSTON CNTY WASH SCH DIST NO

5.00

12/1/2020

AA+

7,730,405

7,916,816

93974A7Q1

WASHINGTON ST

5.00

1/1/2020

AA+

4,100,400

4,290,480

93974AH72

WASHINGTON ST

5.00

1/1/2015

AA+

1,543,288

1,651,590

93974BCM2

WASHINGTON ST

5.00

1/1/2017

AA+

2,614,134

2,775,750

93974BL42

WASHINGTON ST

5.00

7/1/2026

AA+

3,103,758

2,990,156

93974BLA8

WASHINGTON ST

5.00

1/1/2021

AA+

2,155,991

2,232,510

93974BP97

WASHINGTON ST

5.00

7/1/2030

AA+

4,308,669

4,168,224

B-12

COUPON

MATURITY

INSURED?

AS RATED,

$ AMORTIZED

$ FAIR

STATE

SUBSECTOR

CUSIP#

ISSUER

RATE

DATE

(Y or N)

IF UNINSURED

RATED

COST

VALUE

(for 'Y's only)

93974CRP7

WASHINGTON ST

5.00

1/1/2020

AA+

5,397,424

5,125,320

Prerefunded

181144PK6

CLARK CNTY WASH SCH DIST NO 03

5.75

12/1/2015

AAA

411,409

419,664

Revenue

259561HH4

DOUGLAS CNTY WASH PUB UTIL

5.25

9/1/2016

AA-

1,204,356

1,259,809

Revenue

29270CFF7

ENERGY NORTHWEST WASH ELEC REV

5.50

7/1/2012

2,043,732

2,143,620

Revenue

29270CLX1

ENERGY NORTHWEST WASH ELEC REV

5.00

7/1/2020

1,058,116

1,139,860

Revenue

495289WE6

KING CNTY WASH SWR REV

5.00

1/1/2028

1,367,553

1,286,188

Revenue

495289WF3

KING CNTY WASH SWR REV

5.00

1/1/2029

1,085,742

1,026,630

Revenue

735389PP7

PORT SEATTLE WASH REV

5.00

2/1/2024

A+

1,279,818

1,222,950

Revenue

735389PR3

PORT SEATTLE WASH REV

5.00

2/1/2022

A+

1,042,626

1,003,650

Revenue

735389PS1

PORT SEATTLE WASH REV

5.00

2/1/2023

A+

1,805,953

1,727,915

Revenue

735397BN0

PORT SEATTLE WASH SPL FAC REV

5.00

6/1/2011

A-

502,206

504,160

Revenue

812728MZ3

SEATTLE WASH WTR SYS REV

5.00

2/1/2021

AA+

1,572,733

1,615,290

Revenue

812728NC3

SEATTLE WASH WTR SYS REV

5.00

2/1/2024

AA+

1,919,447

1,853,438

602409GM0

MILWAUKEE WIS MET SEW DIST

5.00

10/1/2024

AA+

2,169,451

2,079,691

977056X47

WISCONSIN ST

5.00

5/1/2013

1,019,753

1,052,930

97705LFZ5

WISCONSIN ST

5.00

5/1/2018

2,855,062

3,019,500

97705LMA2

WISCONSIN ST

5.00

5/1/2021

785,236

814,133

97705LNA1

WISCONSIN ST

5.00

5/1/2019

21,181,151

22,487,942

Revenue

392629AR2

GREEN BAY BROWN CNTY

5.00

2/1/2017

373,613

376,271

Revenue

97689PRR1

WISCONSIN HSG & ECONOMIC DEV A

5.20

7/1/2018

9,944

10,001

Revenue

976904HQ8

WISCONSIN HSG & ECONOMIC DEV A

5.30

11/1/2018

AA-

153,883

155,029

Revenue

977092EZ4

WISCONSIN ST CLEAN WTR REV

5.25

6/1/2012

AA+

1,185,124

1,239,979

Revenue

977092PF6

WISCONSIN ST CLEAN WTR REV

5.00

6/1/2020

AA+

3,908,666

4,055,610

Revenue

977092PG4

WISCONSIN ST CLEAN WTR REV

5.00

6/1/2021

AA+

3,083,508

3,171,374

Revenue

97710NS64

WISCONSIN ST HEALTH & EDL FACS

5.50

2/15/2020

A-

221,577

235,009

GRAND TOTAL

1,058,064,622

1,068,526,960

TOTAL PREREFUNDED

85,329,668

88,676,212

TOTAL REVENUE

584,274,625

583,823,145

TOTAL GENERAL OBLIGATION*

388,460,330

396,027,604

GRAND TOTAL

1,058,064,622

1,068,526,960

TOTAL INSURED

540,420,063

554,533,284

TOTAL UNINSURED

517,644,559

513,993,676

GRAND TOTAL

1,058,064,622

1,068,526,960


*		— Denoted as “GO” in the above table.

B-13

APPENDIX C

ALLEHANY CORPORATION — CONSOLIDATED MUNICIPAL BOND HOLDINGS AS OF 12/31/2010

Special Revenue Bonds: Summary of Revenue Sources


	$ Amortized Cost		$ Fair Value

Electric revenue		71,824,997		72,572,724
Sales tax revenue		65,806,692		67,116,543
Air/port revenue		61,811,701		59,692,111
College revenue		57,978,761		57,426,578
Water revenue		49,524,629		50,011,181
Misc. revenue		39,057,717		39,628,844
Highway tolls		34,034,734		34,745,127
Sewer revenue		33,472,225		33,457,886
Lease revenue		30,583,504		30,651,899
Income tax revenue		27,779,925		26,996,997

Total top ten revenue sources		471,874,885		472,299,890


All other revenue sources	112,399,740		111,523,255

Grand total revenue bonds	584,274,625		583,823,145


Other-than revenue bonds	473,789,997		484,703,815


Grand total muni bonds	1,058,064,622		1,068,526,960

C-1

APPENDIX D

Financial Guaranty Insurance. Approximately ____ percent (or approximately $_____ million) of debt securities, predominantly municipal obligations, contained in our debt securities portfolio is insured by financial guaranty insurance companies. The purpose of this insurance is to increase the credit quality of the debt securities and their credit ratings discussed above. If the obligations of these financial guarantors ceased to be valuable, either through a credit rating downgrade or default, these debt securities would likely receive lower credit ratings by the rating agencies that would reflect the creditworthiness of the various obligors as if the debt securities were uninsured. The primary financial guaranty insurance companies currently providing insurance coverage to our debt security portfolio include Ambac Financial Inc., MBIA Inc., Assured Guaranty Inc. and Financial Guaranty Insurance Company.

The following table summarizes the credit quality of our portfolio as rated, and rated as if the debt securities were uninsured, as of March 31, 2011:


	% of Debt Securities
	Portfolio
		rated if as
	as rated	uninsured
Aaa /AAA
Aa / AA
A / A
Baa / BBB
Below Baa / BBB
Not rated

D-1


	Very truly yours,
	/s/ Roger B. Gorham
	Roger B. Gorham
	Senior Vice President