Standard & Poor's

The Standard & Poor's/Investortools Municipal Bond Indices

October 2008

The Standard & Poor's/Investortools Municipal Bond Indices are composed of bonds held by managed municipal bond fund customers of Standard & Poor's Securities Pricing, Inc. that are priced daily. Index calculations are provided by Investortools, Inc. Only bonds with total outstanding amounts of $2,000,000 or more qualify for inclusion.
The Index Portfolio and corresponding prices are available using a variety of delivery methods from either Standard & Poor's or from Investortools, Inc. The Investortools Custom Index Manager software provides detailed portfolio structure analysis, bond descriptions, bond prices, and performance attribution. The Investortools Custom Index Manager software may be licensed from Investortools, Inc.
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The Standard & Poor's/Investortools Municipal Bond Index Directory
The Main Index	contains all of the bonds in the Standard & Poor's/Investortools Municipal Bond Index Universe.
The Short Index	contains all bonds in The Main Index maturing between 6 months - 3.999 years.
The Short Intermediate Index	contains all bonds in The Main Index maturing between 1 - 7.999 years.
The Intermediate Index	contains all bonds in The Main Index maturing between 3 - 14.999 years.
The Long Intermediate Index	contains all bonds in The Main Index maturing between 5 - 14.999 years.
The Trust Index	contains all bonds in The Main Index rated A or better that mature between 1 month - 9.999 years. Bonds that are subject to AMT are not included in this index.
The Insured Index	contains all bonds in The Main Index that are insured. Does not include bonds that are either prerefunded or escrowed to maturity.
The Investment Grade Index	contains all bonds in The Main Index rated BBB S&P and/or Baa Moody's or higher.
The High Yield Index	contains all bonds in The Main Index that are non-rated or whose ratings are BB+ S&P and /or BA-1 Moody's or lower. This index does not contain bonds that are prerefunded or are escrowed to maturity.
The Prerefunded/ETM Index	contains all bonds in The Main Index that have been prerefunded or escrowed to maturity. Bonds that are crossover refunded are not included in this index.
The G O Index	contains all bonds in The Main Index that are classified as general obligations. Double barrelled bonds are included in this index.
The Revenue Index	contains all bonds in The Main Index from The Education, Health Care, Housing, Transportation, Utility, IDR/PCR, and Other Revenue Sector.

SECTOR INDICES
The Education Index	contains all bonds in The Main Index from The Higher Education, Student Loan, and Other Education Sector.
The Health Care Index	contains all bonds in The Main Index from The Hospital, Life Care, Nursing Home, and Other Health Care Sector.
The Hospital Index	contains all bonds in The Health Care Index from The Hospital Sector.
The Housing Index	contains all bonds in The Main Index from The Multi-Family, Single Family, and Other Housing Sector.
The Transportation Index	contains all bonds in The Main Index from The Airport, Toll Road, Port Authority, and Other Transportation Sector.
The Utility Index	contains all bonds in The Main Index from The Public Power, Water & Sewer, Resource Recovery, and Other Utility Sector.
The Public Power Index	contains all bonds in The Utility Index from The Public Power Sector Sector.
The Water & Sewer Index	contains all bonds in The Utility Index from The Water & Sewer Sector.

STATE INDICES Contain all bonds in The Main Index Portfolio that have been issued by municipalities or municipal authorities within the states listed below:
Arizona	Minnesota
California	New Jersey
Colorado	New Mexico
Delaware	New York
Florida	North Carolina
Georgia	Ohio
Hawaii	Oklahoma
Idaho	Oregon
Illinois	Pennsylvania
Indiana	Puerto Rico
Kansas	Texas
Maryland	Virginia
Massachusetts	Washington
Michigan	Wisconsin

For additional information please contact:

Erin Cropley Product Manager
Standard & Poor's Securities Evaluations, Inc. at 212 438-4739
or
Scott Bradley Executive Vice President
Investortools, Inc. at 630 553-0040
or
visit the Investortools website at www.invtools.com.

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