TYPE OF ISSUE

TAX STATUS

U. S. Treasury Bills

Interest income subject to federal income taxes, but exempt from state and local taxes.

U. S. Treasury Notes

Interest income subject to federal income taxes, but exempt from state and local taxes.

U. S. Treasury Bonds

Interest income subject to federal income taxes, but exempt from state and local taxes.

Zero Coupon Treasuries

Interest income subject to federal income taxes, but exempt from state and local taxes.

Resolution Trust Corp

Interest income subject to federal income taxes, but exempt from state and local taxes.

Financing Corp.(FICO)

Interest income subject to federal income taxes, but exempt from state and local taxes.

Federal Home Loan Bonds Bank (FHLB)

Interest income subject to federal income taxes, but exempt from state and local taxes.

Federal Farm Credit Bank (FFCB)

Interest income subject to federal income taxes, but exempt from state and local taxes.

Student Loan Mortgage Association (SLMA)

Interest income subject to federal income taxes, but exempt from state and local taxes.

Tennessee Valley Authority (TVA)

Interest income subject to federal income taxes, but exempt from state and local taxes.

Federal National Mortgage Association Debentures (FNMA)

Interest income subject to federal, state and local taxes.

Federal Home Loan Mortgage Corporation Debentures (FHLMC)

Interest income subject to federal, state and local taxes.

Government National Mortgage Association
(GNMA)

Interest income subject to federal, state and local taxes.

FNMA Mortgages

Interest income subject to federal, state and local taxes.

FHLMC Gold Mortgages

Interest income subject to federal, state and local taxes.