Second Supplemental Indenture



 Exhibit 4.4 
 SECOND SUPPLEMENTAL INDENTURE 
 This Second Supplemental Indenture (this
“Second Supplemental Indenture”), dated as of June 29, 2010, among MoneyGram Payment Systems Worldwide, Inc. (or its permitted successor), a Delaware corporation (the “Company”), the Guarantors (as defined in
the Indenture referred to herein) and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee and collateral agent under the Indenture referred to below (the “Trustee”).  

WITNESSETH 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Base Indenture”),
dated as of March 25, 2008 providing for the issuance of 13.25% Senior Secured Second Lien Notes due 2018 (the “Notes”) and a first supplemental Indenture thereto (together with the Base Indenture, the
“Indenture”); 
 WHEREAS, Section 9.02 of the Indenture provides that, subject to certain exceptions, the
Company and the Trustee may amend or supplement the Indenture with the consent of the Holders of at least a majority in the aggregate principal amount of the then outstanding Notes voting as a single class; 

WHEREAS, Holders of at least a majority in the aggregate principal amount of the outstanding Notes have provided written consent to this
Second Supplemental Indenture; and 
 WHEREAS, the execution of this Second Supplemental Indenture by the parties hereto is in
all respects authorized by the provisions of the Indenture, the Company has delivered to the Trustee an officer’s certificate and an opinion of counsel with respect to such execution and all things necessary to make this Second Supplemental
Indenture a valid agreement between the Company and the Trustee in accordance with its terms have been done. 
 NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as
follows: 
  

	l.	Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 


 

	2.	Amendment. The Indenture is hereby amended as follows: 

 (a) Section 1.01 is hereby amended by inserting in alphabetical order the following definitions: 
 ““Second Supplemental Indenture” means that certain Second Supplemental Indenture, dated as of June 29, 2010, among the Company, the Guarantors and the Trustee. 







 “Second Supplemental Indenture Effective Date” means the “Effective
Date” as defined in the Second Supplemental Indenture. 
 “Segregated Account” means any account of the
Company established with an SRI Depository Bank and set forth in Schedule 1.1(c),and “Segregated Accounts” means any two or more of them collectively. 
 “Specified Conditions” means (a) that the Specified SRIs are held at all times in Segregated Accounts of MoneyGram Payment Systems, Inc. for so long as such Specified SRIs are
beneficially owned by the Company or its Subsidiaries (b) that each Specified SRI shall at all times be held in the Segregated Account of the SRI Depository Bank adjacent to such Specified SRI in Schedule 1.1 (c), (c) that no securities or
other Investments shall be held in the Segregated Accounts other than the Specified SRIs,(d) that the Segregated Accounts are free and clear of any Lien or other security interest are not subject to any control agreement and are in the sole control
of MoneyGram Payment Systems, Inc. (in each case, other than a Permitted Lien under clauses (v), (x), (aa) and (dd) of the definition of Permitted Liens) and (e) that the Company provides to the Trustee and the Holders within 45 days of the end
of each fiscal quarter a report in the form of Exhibit G detailing all assets held in. and activities for, each of the Segregated Accounts. Notwithstanding the foregoing, for any Specified SRI set forth on Schedule1.1(c) that is a limited
partnership interest, (i) such Specified SRI need not be held in a Segregated Account of a SRI Depository Bank adjacent to such Specified SRI in Schedule 1.1 (c); (ii) the Company shall provide to the Trustee and the Holders within 15 days
of Company’s receipt, a copy of the limited partnership interest report and (iii) such Specified SRI shall be free and clear of any Lien (in each case, other than a Permitted Lien under clauses (v), (x), (aa) and (dd) of the definition of
Permitted Liens). 
 “Specified SRIs” shall have the meaning set forth in the definition of “Minimum
Liquidity Ratio”. 
 “SRI Depository Bank” means each financial institution set forth adjacent to each
Specified SRI on Schedule 1.1(c).” 
 (b) Section 1.0 I is hereby amended by amending and restating in its entirety
the definition of “Minimum Liquidity Ratio” as follows: 
 “Minimum Liquidity Ratio” means the ratio
of (a) the fair value of the Restricted Investment Portfolio (other than Scheduled Restricted Investments, which shall be valued at the lower of (x) fair value and (y) the actual par amount of each Scheduled Restricted Investment held
by the Company or any of its Subsidiaries on the date of determination multiplied by (A) in respect of the Scheduled Restricted Investments set forth under the heading C-l on Schedule 1.1 (c), 0.98, (B) in respect of the Scheduled
Restricted Investments set forth under the heading C-2 on Schedule 1.1 (c). 0.049525, and (C) in respect of the Scheduled Restricted Investments set forth under the heading C-3 on Schedule 1.1 (c), zero; provided,


  
 2 








 
that any Scheduled Restricted Investments set forth under the heading C-l on Schedule 1.1 (c) shall be valued at fair value after June 30, 2008; and provided further, if any of
such Scheduled Restricted Investments set forth under the headings C-2 and C-3 on Schedule 1. 1(c) as of the Second Supplemental Indenture Effective Date (the “Specified SRIs”) have been sold, the aggregate value of such
remaining Specified SRIs shall be the lower of (x) fair value of such remaining Specified SRIs and (y) the aggregate value of all Specified SRIs (determined in accordance with the valuation methodology described above) less the net
proceeds received for the Specified SRIs sold (not to be less than zero)) to (b) all Payment Service Obligations. 
 (c)
Section 4.07 of the Indenture IS amended by inserting the following immediately before “.” at the end of such Section: 
 “; provided further that the Company will provide 15 days prior written notice to the Trustee and the Holders of the payment of any dividend to the holders of preferred stock or common stock of
the Company pursuant to Section 4.07(b)(10), setting forth in reasonable detail any calculation with respect to the such dividend” 
 (d) Section 4.28 of the Indenture is hereby amended and restated in its entirety to read as follows: 
 “(a) The Company shall (i) within 30 days of the Closing Date, cause to be formed and duly incorporated a Wholly-Owned Subsidiary of the Company (the “Specified SRI Subsidiary”),
for the limited organizational purpose of holding and disposing of the Specified SRIs and distributing the proceeds thereof in accordance with this Indenture. and not engaging in any other activity, (ii) within 30 days of the Closing Date,
transfer to the Specified SRI Subsidiary all of the Specified SRIs. (iii) not permit the Specified SRI Subsidiary to engage in any other activities or own or acquire any other assets or investments other than Specified SRIs and cash received
from the sale thereof and (iv) not sell or transfer any Specified SRIs except to third parties for cash consideration; provided that on or after the Second Supplemental Indenture Effective Date, (x) if no Default or Event of Default
is continuing, such Specified SRI Subsidiary may be dissolved if the Specified Conditions are met and (y) following such liquidation, the Company shall comply with the Specified Conditions at all times; provided, further that following
such liquidation any reference herein to Specified SRI Subsidiary shall be to MoneyGram Payment Systems, Inc. 
 (b) The Company
shall promptly provide any information in respect of the Specified SRIs as may reasonably be requested in writing by the Trustee or any Holder and shall request from the SRI Depositary Bank such information in the Company’s possession and shall
provide such information to the Trustee and the Holders following receipt thereof within a reasonable period.” 

  
 3 








 (e) Section 6.01(3) of the Indenture is hereby amended and restated in its entirety to
read as follows: 
 “(3) (A) failure by the Company to comply with its obligations under Sections 4.15 or 5.01 hereof,
(B) failure by the Company or any Company Subsidiary for 45 days (30 days in respect of Section 4.27) after receipt of written notice given by the Trustee or the actual knowledge of the Company of such failure, to comply with any of its
other agreements under this Indenture or the Notes to the extent such failure does not otherwise constitute a Default under clause (l), (2) or (3)(A) above, or (C) failure by MoneyGram Payment Systems, Inc. for 30 days after
receipt of written notice given by the Trustee or the actual knowledge of the Company of such failure to comply with clauses (a), (b), (c) and (e) of the definition of the “Specified Conditions”;” 

(f) Schedule 1.1(c) to the Indenture attached hereto as Annex A is replaced in its entirety by Schedule 1.1 (c) to the
Indenture attached hereto as Annex B. 
  

	3.	Effect. This Second Supplemental Indenture shall become effective immediately upon its execution by the parties hereto (such date the “Effective
Date”). 

  

	4.	NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SECOND SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  

	5.	Effect on Indenture. This Second Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter
authenticated and delivered shall be bound hereby. Except as expressly set forth herein, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect including
with respect to this Second Supplemental Indenture. This Second Supplemental Indenture shall not be deemed to be a waiver of, or consent to. or a modification or amendment of, any other term or condition of the Indenture or the Notes or to prejudice
any other right or rights which the Holders of the Notes may now have or may have in the future under or in connection with the Indenture or any of the instruments or agreements referred to therein, as the same may be amended from time to time.


  

	6.	Separability Clause. In case any provision in this Second Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  

	7.	Counterparts. The parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy shall be an original but all of them together
represent the same agreement. 


  
 4 









	8.	Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 


 

	9.	The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture
or for or in respect of the recitals contained herein all of which recitals are made solely by the Guarantors and the Company. 


  
 5 








 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed and attested, all as of the date first above written. 
 Dated: May 21, 2010 

 

			
	MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.
		
	By:	 	
	
	 /s/ Daniel J. Collins

	Name: Daniel J. Collins
	Title: SVP + Treasurer


 [Signature Page to Second Supplemental Indenture] 








			
	MONEYGRAM INTERNATIONAL, INC.
	 MONEYGRAM PAYMENT SYSTEMS, INC.
 MONEYGRAM OF NEW YORK, LLC
 PROPERTYBRIDGE, INC.



		
	By:	 	
	
	 /s/ Daniel J. Collins

	Name: Daniel J. Collins
	Title: SVP + Treasurer


 [Signature Page to Second Supplemental Indenture] 








			
	DEUTSCHE BANK TRUST COMPANY
	 AMERICAS, a New York banking corporation, as
 Trustee and Collateral Agent

		
	 By:
	 	
		
		 	 /s/ Chris Niesz, Associate

		 	Authorized Signatory
		
	By:	 	
		
		 	 /s/ Irina Golovashchuk, Assistant Vice President

		 	Authorized Signatory


 [Signature Page to Second Supplemental Indenture] 







 ANNEX A 







 Schedule C 
  

																			
	 Category
	  	CUSIP	  	Par Value
(12/31/2007) (a)	 	  	Par Value
(01/31/2008) (a)	 	  	Investor Value
(12/31)
(a)	 	 	Investor Value
(1/31)
(a)	 
	 C-1
	  		  				  				  				 			
						
	 FHLB 4 3/09 C 4/04
	  	3133X4VF5	  	$	9,465,000	  	  	$	9,465,000	  	  				 			
	 FHLB 4 3/26/09 C 4/04
	  	3133X4Q87	  	 	22,200,000	  	  	 	22,200,000	  	  				 			
	 FHLB 4.02 12/10 C 9/03
	  	31339X4E1	  	 	7,700,000	  	  	 	7,700,000	  	  				 			
	 FHLB 6.125 12/29/14
	  	3133XLGV9	  	 	10,390,000	  	  	 	10,390,000	  	  				 			
	 FHLB 6.32 06/17
	  	3133XLGE7	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 FHLMC 4.1 12/10
	  	3128X1FX0	  	 	13,175,000	  	  	 	13,175,000	  	  				 			
	 FHLMC 4.5 13
	  	3134A4SA3	  	 	1,000,000	  	  	 	1,000,000	  	  				 			
	 FHLMC 4.95 5/13 C 5/04
	  	3128X1CT2	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 FNMA 0 07/05/14
	  	TT3169600	  	 	8,000,000	  	  	 	8,000,000	  	  				 			
	 FNMA 5 2/13 C 5/04
	  	3136F3AJ5	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 FNMA 5.15 1/13 C 1/05
	  	3136F2B56	  	 	3,000,000	  	  	 	3,000,000	  	  				 			
	 FNMA 6 03/20/17
	  	3136F8GW9	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 FNMA 6.25 08/15/16
	  	3136F7U88	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 FHR 2006 ZB
	  	3133TBQM5	  	 	4,968,134	  	  	 	4,919,859	  	  				 			
	 FHR 2018 Z
	  	3133TCJ74	  	 	1,483,856	  	  	 	1,465,299	  	  				 			
	 FHR 2080 Z
	  	3133TG3U1	  	 	5,174,843	  	  	 	5,117,437	  	  				 			
	 FHR 2211 ZA
	  	3133TNEQ3	  	 	4,145,362	  	  	 	4,093,653	  	  				 			
	 FHR 2336 TB
	  	3133986U8	  	 	2,990,710	  	  	 	2,802,165	  	  				 			
	 FHR 2391 XG
	  	31339LYF1	  	 	12,494,891	  	  	 	12,318,766	  	  				 			
	 FHR 2466 DG
	  	31392MM74	  	 	91,490	  	  	 	0	  	  				 			
	 FHR 2482 EJ
	  	31392PQU2	  	 	10,143,625	  	  	 	10,005,887	  	  				 			
	 FHR 2484 VB
	  	31392PRK3	  	 	7,799,226	  	  	 	7,540,881	  	  				 			
	 FHR 2532 A
	  	31393FNV4	  	 	4,883,558	  	  	 	4,807,616	  	  				 			
	 FHR 2539 TC
	  	31393FXA9	  	 	25,000,000	  	  	 	25,000,000	  	  				 			
	 FHR 2564 QC
	  	31393LNU3	  	 	16,687,124	  	  	 	16,470,888	  	  				 			
	 FHR 2574 PC
	  	31393L2N2	  	 	43,317,106	  	  	 	40,912,072	  	  				 			
	 FHR 2603 JP
	  	31393PST2	  	 	6,313,823	  	  	 	6,210,745	  	  				 			
	 FHR 2641 KC
	  	31393WV63	  	 	6,348,949	  	  	 	6,257,238	  	  				 			
	 FHR 2656 AC
	  	31394HR86	  	 	7,092,716	  	  	 	7,081,975	  	  				 			
	 FHR 2675 PB
	  	31394J4P9	  	 	27,052,753	  	  	 	26,664,236	  	  				 			
	 FHR 2691 LD
	  	31394LDU3	  	 	17,090,000	  	  	 	17,090,000	  	  				 			
	 FHR 2740 PC
	  	31394P3P6	  	 	20,000,000	  	  	 	20,000,000	  	  				 			
	 FHR 2793 GC
	  	31394YG99	  	 	12,750,000	  	  	 	12,750,000	  	  				 			
	 FHR 2793 GC
	  	31394YG99	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 FHR 2807 JA
	  	31395AM44	  	 	4,195,383	  	  	 	4,194,766	  	  				 			
	 FHR 2878 QD
	  	31395GKM3	  	 	20,000,000	  	  	 	20,000,000	  	  				 			
	 FHR 3014 DW
	  	31395XAD7	  	 	3,397,571	  	  	 	3,326,814	  	  				 			
	 FN 725341
	  	31402CZE5	  	 	14,349,101	  	  	 	14,153,804	  	  				 			
	 FNR 02-77 QE
	  	31392F4E4	  	 	25,000,000	  	  	 	25,000,000	  	  				 			
	 FNR 1997-12 KB
	  	31359NE64	  	 	573,745	  	  	 	572,197	  	  				 			
	 FNR 1999-33 ZA
	  	31359WKG5	  	 	6,700,618	  	  	 	6,638,305	  	  				 			
	 FNR 2001-23 PG
	  	31359S4D9	  	 	9,123,523	  	  	 	9,105,038	  	  				 			
	 FNR 2001-31 VB
	  	313920CB4	  	 	2,613,792	  	  	 	2,130,331	  	  				 			
	 FNR 2001-63 TB
	  	31392AUH9	  	 	4,468,244	  	  	 	4,389,351	  	  				 			
	 FNR 2002-55 VL
	  	31392EFY1	  	 	6,050,749	  	  	 	5,669,540	  	  				 			
	 FNR 2003-41 PM
	  	31393BD51	  	 	26,916,040	  	  	 	26,916,040	  	  				 			
	 FNR 2003-97 WC
	  	31393TNL6	  	 	20,136,482	  	  	 	20,136,482	  	  				 			
	 FNR 2005-53 MB
	  	31394DH60	  	 	29,884,512	  	  	 	29,884,512	  	  				 			
	 FNR 2005-58 CW
	  	31394EDC9	  	 	9,873,409	  	  	 	9,783,888	  	  				 			
	 FNR 2007-10 VA
	  	31396PNB3	  	 	11,511,731	  	  	 	11,420,679	  	  				 			
	 GNR 1998-24 Z
	  	3837H1B42	  	 	4,239,680	  	  	 	4,177,436	  	  				 			
	 GNR 2000-26 PD
	  	3837H4B79	  	 	98,833	  	  	 	94,741	  	  				 			
	 GNR 2002-67 VB
	  	38373VQX1	  	 	7,403,134	  	  	 	7,007,396	  	  				 			
	 FHR 49 G
	  	31340YRU5	  	 	645,266	  	  	 	635,324	  	  				 			
	 FFCB 5 3/14 C 6/04
	  	31331TWT4	  	 	12,000,000	  	  	 	0	  	  				 			
	 FHLMC 4.25 3/10 C 9/04
	  	3128X2ZL2	  	 	20,000,000	  	  	 	0	  	  				 			
	 FHLMC 5 3/13 C 9/04
	  	3128X2C52	  	 	22,825,000	  	  	 	22,825,000	  	  				 			
	 FHLMC 5.25 2/14 C 2/05
	  	3128X2QV0	  	 	11,000,000	  	  	 	0	  	  				 			
	 FNMA 4.01 8/09 C 8/04
	  	3136F5CC3	  	 	9,230,000	  	  	 	9,230,000	  	  				 			
	 FNMA 4.27 1/09 C 4/04
	  	3136F4W83	  	 	22,915,000	  	  	 	0	  	  				 			
	 FNMA 4.3 3/10 C 6/04
	  	3136F5HH7	  	 	20,000,000	  	  	 	0	  	  				 			
	 FNMA 4.6 9/10 C 12/04
	  	3136F6EW5	  	 	30,735,000	  	  	 	0	  	  				 			
	 FNMA 5 2/12 C 5/04
	  	3136F45M2	  	 	25,000,000	  	  	 	0	  	  				 			
	 FNMA 5 8/11 C 5/04
	  	3136F46A7	  	 	6,785,000	  	  	 	0	  	  				 			
	 FNMA 5.25 1/13 C 7/03
	  	3136F2J90	  	 	30,120,000	  	  	 	0	  	  				 			
	 FNMA 5.25% 1/13 C 4/04
	  	3136F2P77	  	 	10,545,000	  	  	 	0	  	  				 			
	 FNMA 5.5 11/14 2/05
	  	3136F6MW6	  	 	20,000,000	  	  	 	0	  	  				 			
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Total C-1
	  		  	$	819,094,978	  	  	$	603,730,361	  	  	$	802,713,079	  	 	$	591,655,754	  
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Investor Value / Par Value
	  		  				  				  	 	98.0000	% 	 	 	98.0000	% 

  

	(a)	Par Values ($) and Investor Values ($) for illustrative purposes only 








 Schedule C 
  

																			
	 Category
	  	CUSIP	  	Par Value
(12/31/2007) (a)	 	  	Par Value
(01/31/2008)
(a)	 	  	Investor Value
(12/31) (a)	 	 	Investor Value
(1/31) (a)	 
	 C-2
	  		  				  				  				 			
						
	 ACCDO V C
	  	00388EAC5	  	 	9,000,000	  	  	 	9,000,000	  	  				 			
	 ACCDO V D
	  	00388EAD3	  	 	3,000,000	  	  	 	3,000,000	  	  				 			
	 ACCDO 10A C
	  	00389KAD8	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 ACCOA 2007-1A A2
	  	00389UAC8	  	 	9,000,000	  	  	 	9,000,000	  	  				 			
	 ANDY 2007-1A A2
	  	034050AD6	  	 	14,997,425	  	  	 	14,997,425	  	  				 			
	 ANDY 2007-1A B
	  	034050AE4	  	 	5,000,000	  	  	 	5,000,000	  	  				 			
	 AYRES 2005-1A C
	  	05473WAJ5	  	 	3,500,000	  	  	 	3,500,000	  	  				 			
	 CCRK 2006-1A A3
	  	164553AD1	  	 	2,955,049	  	  	 	2,955,049	  	  				 			
	 CCRK 2007-2A A2
	  	164554AC1	  	 	20,000,000	  	  	 	20,000,000	  	  				 			
	 CRONA 2007-1A B
	  	219655AHO	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 FORTS 2006-2A A2
	  	34957YAC1	  	 	15,000,000	  	  	 	15,000,000	  	  				 			
	 FORTS 2006-2A B
	  	34957YAD9	  	 	5,000,000	  	  	 	5,000,000	  	  				 			
	 GLCR 2006-4A C
	  	37638NAD3	  	 	1,957,460	  	  	 	1,991,692	  	  				 			
	 GSCSF 2007-1RA A1LC
	  	3622MTAC4	  	 	14,998,669	  	  	 	14,998,669	  	  				 			
	 HLCDO 2006-1A A2
	  	40536UAB8	  	 	20,000,000	  	  	 	20,000,000	  	  				 			
	 INDE4 4A C
	  	453433AF1	  	 	5,674,111	  	  	 	5,674,111	  	  				 			
	 INDE7 7A B
	  	45377MAG6	  	 	8,500,000	  	  	 	8,500,000	  	  				 			
	 LEXN 2006-2A D
	  	52902WAF6	  	 	2,553,175	  	  	 	2,583,726	  	  				 			
	 MID 01-1A A1L
	  	59541 FAB4	  	 	5,817,852	  	  	 	5,817,852	  	  				 			
	 NEPTN 2004-1A A3L
	  	640699AD6	  	 	2,270,444	  	  	 	2,270,444	  	  				 			
	 NEPTN 2007-5A A2L
	  	64069WAD5	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 ORCHD 03-1A B
	  	68571SAC8	  	 	9,375,000	  	  	 	9,375,000	  	  				 			
	 ORCHD 03-1A C1
	  	68571SAD6	  	 	2,661,494	  	  	 	2,661,494	  	  				 			
	 PSCBO 1A A1 L
	  	74438VAA6	  	 	6,116	  	  	 	6,116	  	  				 			
	 PSCBO 1A A1
	  	74438VAB4	  	 	12,231	  	  	 	12,231	  	  				 			
	 PYXIS 2007-1A B
	  	74732XAD9	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 SAYB 2001-1A A
	  	805659AA7	  	 	5,865,492	  	  	 	5,865,492	  	  				 			
	 SHERW 2006-3A A1J
	  	82442VAB1	  	 	20,000,000	  	  	 	20,000,000	  	  				 			
	 SOLST 1A A
	  	83436UAA1	  	 	5,180,454	  	  	 	5,180,454	  	  				 			
	 STAK 2006-2A 4
	  	85234AAE6	  	 	11,000,000	  	  	 	11,000,000	  	  				 			
	 TABS 2007-7A A1J
	  	872159AB4	  	 	20,000,000	  	  	 	20,000,000	  	  				 			
	 VERT 2007-1A A1J
	  	92534YAC1	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 VERT 2007-1A A2
	  	92534YAE7	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 NORTH 2001-3A
	  	25153HAA2	  	 	13,625,000	  	  	 	13,625,000	  	  				 			
	 COOKS 2007-9A A
	  	2163P2AAO	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 GSCSF 2006-1A B
	  	3622XOAC5	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 IXION 2006-9A 12
	  	46601WAJ4	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 LCERT 2006-1A B
	  	50547QAC1	  	 	15,000,000	  	  	 	15,000,000	  	  				 			
	 LEXN 2007-3A E
	  	52902YAN5	  	 	5,650,000	  	  	 	5,650,000	  	  				 			
	 MILL REEF 05-1
	  	600008ACO	  	 	8,595,000	  	  	 	8,595,000	  	  				 			
	 SALISBURY 05-14
	  	795267AG8	  	 	15,000,000	  	  	 	15,000,000	  	  				 			
	 SALISBURY 06-1
	  	79526EAK4	  	 	20,000,000	  	  	 	20,000,000	  	  				 			
	 SALISBURY 06-16
	  	79526FAA3	  	 	20,000,000	  	  	 	20,000,000	  	  				 			
	 SKYBOX 05-1A C
	  	83083GAEO	  	 	13,699,474	  	  	 	13,699,474	  	  				 			
	 AYRESOME CDO I PREF
	  	05473U209	  	 	5,000,000	  	  	 	5,000,000	  	  				 			
	 DUKEF 2005-HG1A SUB
	  	264412AA5	  	 	5,000,000	  	  	 	5,000,000	  	  				 			
	 MILL REEF PREF
	  	27020EAA6	  	 	5,000,000	  	  	 	5,000,000	  	  				 			
	 OPUS 2006-1A SUB
	  	68402DAAO	  	 	5,000,000	  	  	 	5,000,000	  	  				 			
	 SHERW 2006-3A SUB
	  	82442TAA8	  	 	5,209,000	  	  	 	5,209,000	  	  				 			
	 STILLWATER PREF
	  	860721208	  	 	7,800,000	  	  	 	7,800,000	  	  				 			
	 TABS 2005-2A SUB
	  	87337LAF1	  	 	5,000,000	  	  	 	5,000,000	  	  				 			
	 GSTAR 05-5A IN
	  	362905AA9	  	 	3,000,000	  	  	 	3,000,000	  	  				 			
	 NEPTN 2004-1A SUB
	  	64069QAA4	  	 	6,400,000	  	  	 	6,400,000	  	  				 			
	 MID 2001-1A
	  	59541BAC1	  	 	5,823,641	  	  	 	5,823,641	  	  				 			
	 LOGAN 05-1 C
	  	42702MBA1	  	 	15,264,000	  	  	 	15,264,000	  	  				 			
	 COOKS 2007-18A A
	  	21638PAA8	  	 	20,000,000	  	  	 	20,000,000	  	  				 			
	 THOM 2006-1A C
	  	874008AE5	  	 	19,996,541	  	  	 	19,996,541	  	  				 			
	 CENTS 2006-1A A3
	  	156323AJ6	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 CENTS 2006-1A B
	  	156323AL1	  	 	15,000,000	  	  	 	15,000,000	  	  				 			
	 CLSVF 2007-3A A3
	  	18272FAD1	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 EIGHT 2007-1A A3
	  	28248EAG7	  	 	20,000,000	  	  	 	20,000,000	  	  				 			
	 MARSC 2007-1A A3
	  	571656AC1	  	 	19,935,528	  	  	 	19,935,528	  	  				 			
	 PTPLS 2007-1A A2
	  	730594AC2	  	 	19,926,117	  	  	 	19,926,117	  	  				 			
	 SQRD 2007-1A A2A
	  	85223XAC3	  	 	15,000,000	  	  	 	15,000,000	  	  				 			
	 TRIC 2005-4A A3L
	  	89608VAD2	  	 	7,500,000	  	  	 	7,500,000	  	  				 			
	 TRIC 2006-6A A2L
	  	89609AAD7	  	 	5,000,000	  	  	 	5,000,000	  	  				 			
	 TWOLF 2007-1A A2
	  	88714PAF3	  	 	19,959,131	  	  	 	19,959,131	  	  				 			
	 ZING 6A B1
	  	98885LAE7	  	 	6,400,000	  	  	 	6,400,000	  	  				 			
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Total C-2
	  		  	$	682,108,404	  	  	$	682,173,188	  	  	$	33,781,351	  	 	$	33,784,559	  
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Investor Value / Par Value
	  		  				  				  	 	4.9525	% 	 	 	4.9525	% 

  

	(a)	Per Values ($) ana Investor Values ($) for illustrative purposes only 








 Schedule C 
  

																			
	 Category
	  	CUSIP	  	Par Value
(12/31/2007) (a)	 	  	Par Value
(01/31/2008) (a)	 	  	Investor Value
(12/31) (a)	 	 	Investor Value
(1/31) (a)	 
	 C-3
	  		  				  				  				 			
						
	 TABERNA 05-2A D
	  	87330UAJ0	  	 	31,823,490	  	  	 	31,823,490	  	  				 			
	 TABERNA PFD
	  	87330L200	  	 	3,000,000	  	  	 	3,000,000	  	  				 			
	 TAF 1A B1
	  	89675YAC6	  	 	8,667,066	  	  	 	8,667,066	  	  				 			
	 CMLTI 2006-WF1 M2
	  	17307G4N5	  	 	6,500,000	  	  	 	6,500,000	  	  				 			
	 CMLTI 2006-WF2 M1
	  	17309BAF4	  	 	9,100,000	  	  	 	9,100,000	  	  				 			
	 SHARP 05-HE4N N
	  	820018BV0	  	 	643,858	  	  	 	643,858	  	  				 			
	 RAMC 2007-2 M3
	  	75970QAM2	  	 	5,500,000	  	  	 	5,500,000	  	  				 			
	 MLMI 2005-HE2 M2
	  	59020US55	  	 	5,000,000	  	  	 	5,000,000	  	  				 			
	 FFML 04-FF10 M5
	  	32027NMN8	  	 	3,058,212	  	  	 	3,058,212	  	  				 			
	 SVHE 2005-OPT3 M6
	  	83611MGZ5	  	 	2,000,000	  	  	 	2,000,000	  	  				 			
	 ACE 2004-HE3 B
	  	004421JB0	  	 	912,306	  	  	 	703,751	  	  				 			
	 SACO 2005-9 M4
	  	785778MR9	  	 	15,088,000	  	  	 	15,088,000	  	  				 			
	 GPMF 2005-HE4 MB
	  	39538WDQ8	  	 	3,000,000	  	  	 	3,000,000	  	  				 			
	 QUEST 2006-X1 M1
	  	748351AT0	  	 	1,000,000	  	  	 	1,000,000	  	  				 			
	 CONHE 1997-1 M2
	  	21075WEG6	  	 	597,046	  	  	 	597,046	  	  				 			
	 SASC 2004-18H B2
	  	86359BF48	  	 	1,721,348	  	  	 	1,719,064	  	  				 			
	 SASC 2000-5 B5
	  	8635722E2	  	 	124,812	  	  	 	111,584	  	  				 			
	 SASC 2001-9 B4
	  	86358REH6	  	 	122,607	  	  	 	122,323	  	  				 			
	 OCMBS 99-R1 AP
	  	675748BR7	  	 	280,555	  	  	 	280,555	  	  				 			
	 RAST 2006-A7CB B1
	  	76113NAU7	  	 	1,971,858	  	  	 	1,970,696	  	  				 			
	 SIMSBURY CLO
	  	829192BC6	  	 	5,000,000	  	  	 	5,000,000	  	  				 			
	 STANFIELD CLO
	  	85430NAA8	  	 	10,000,000	  	  	 	10,000,000	  	  				 			
	 LONGHORN 2000-1
	  	543044200	  	 	5,000,000	  	  	 	5,000,000	  	  				 			
	 ANCHORAGE FIN SUB-TR IV
	  	033302209	  	 	15,000,000	  	  	 	15,000,000	  	  				 			
	 NORTH CASTLE CUST TR VIII
	  	65831M208	  	 	17,900,000	  	  	 	17,900,000	  	  				 			
	 SUTTON CAPITAL TRUST III
	  	86943W207	  	 	29,400,000	  	  	 	29,400,000	  	  				 			
	 TIERS 2001-6
	  	88652RAA4	  	 	1,735,794	  	  	 	1,735,794	  	  				 			
	 US BANK PIPER JAFFREY TRUST
	  	USBPJT	  	 	4,123,487	  	  	 	4,123,487	  	  				 			
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Total C-3
	  		  	$	188,270,439	  	  	$	188,044,925	  	  	$	0	  	 	$	0	  
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Investor Value / Par Value
	  		  				  				  	 	0.0000	% 	 	 	0.0000	% 

  

	(a)	Par Values ($) and Investor Values ($) for illustrative purposes only 








 ANNEX B 







 Schedule 1.1(c) C-1 securities 

 

																							
	 Category
	  	CUSIP	  	Par Value
12/31/2007 (a)	 	  	Par Value
01/31/2008 (a)	 	  	Par Value
03/31/2010 (a)	 	  	Investor Value
12/31 (a)	 	 	Investor Value
1/31 (a)	 
	 C-1
	  		  				  				  				  				 			
							
	 FHLB 4 3/09 C 4/04
	  	3133X4VF5	  	$	9,465,000	  	  	$	9,465,000	  	  	$	—  	  	  				 			
	 FHLB 4 3/26/09 C 4/04
	  	3133X4Q87	  	 	22,200,000	  	  	 	22,200,000	  	  	 	—  	  	  				 			
	 FHLB 4.02 12/10 C 9/03
	  	31339X4E1	  	 	7,700,000	  	  	 	7,700,000	  	  	 	—  	  	  				 			
	 FHLB 6.125 12/29/14
	  	3133XLGV9	  	 	10,390,000	  	  	 	10,390,000	  	  	 	—  	  	  				 			
	 FHLB 6.32 06/17
	  	3133XLGE7	  	 	10,000,000	  	  	 	10,000,000	  	  	 	—  	  	  				 			
	 FHLMC 4.1 12/10
	  	3128X1FX0	  	 	13,175,000	  	  	 	13,175,000	  	  	 	—  	  	  				 			
	 FHLMC 4.5 13
	  	3134A4SA3	  	 	1,000,000	  	  	 	1,000,000	  	  	 	1,000,000	  	  				 			
	 FHLMC 4.95 5/13 C 5/04
	  	3128X1CT2	  	 	10,000,000	  	  	 	10,000,000	  	  	 	—  	  	  				 			
	 FNMA 0 07/05/14
	  	TT3169600	  	 	8,000,000	  	  	 	8,000,000	  	  	 	8,000,000	  	  				 			
	 FNMA 5 2/13 C 5/04
	  	3136F3AJ5	  	 	10,000,000	  	  	 	10,000,000	  	  	 	—  	  	  				 			
	 FNMA 5.15 1/13 C 1/05
	  	3136F2B56	  	 	3,000,000	  	  	 	3,000,000	  	  	 	—  	  	  				 			
	 FNMA 6 03/20/17
	  	3136F8GW9	  	 	10,000,000	  	  	 	10,000,000	  	  	 	—  	  	  				 			
	 FNMA 6.25 08/15/16
	  	3136F7U88	  	 	10,000,000	  	  	 	10,000,000	  	  	 	—  	  	  				 			
	 FHR 2006 ZB
	  	3133TBQM5	  	 	4,968,134	  	  	 	4,919,859	  	  	 	3,380,322	  	  				 			
	 FHR 2018 Z
	  	3133TCJ74	  	 	1,483,856	  	  	 	1,465,299	  	  	 	924,045	  	  				 			
	 FHR 2080 Z
	  	3133TG3U1	  	 	5,174,843	  	  	 	5,117,437	  	  	 	3,235,550	  	  				 			
	 FHR 2211 ZA
	  	3133TNEQ3	  	 	4,145,362	  	  	 	4,093,653	  	  	 	2,835,071	  	  				 			
	 FHR 2336 TB
	  	3133986U8	  	 	2,990,710	  	  	 	2,802,165	  	  	 	454,577	  	  				 			
	 FHR 2391 XG
	  	31339LYF1	  	 	12,494,891	  	  	 	12,318,766	  	  	 	3,138,064	  	  				 			
	 FHR 2466 DG
	  	31392MM74	  	 	91,490	  	  	 	—  	  	  	 	—  	  	  				 			
	 FHR 2482 EJ
	  	31392PQU2	  	 	10,143,625	  	  	 	10,005,887	  	  	 	4,328,762	  	  				 			
	 FHR 2484 VB
	  	31392PRK3	  	 	7,799,226	  	  	 	7,540,881	  	  	 	—  	  	  				 			
	 FHR 2532 A
	  	31393FNV4	  	 	4,883,558	  	  	 	4,807,616	  	  	 	225,939	  	  				 			
	 FHR 2539 TC
	  	31393FXA9	  	 	25,000,000	  	  	 	25,000,000	  	  	 	15,178,517	  	  				 			
	 FHR 2564 QC
	  	31393LNU3	  	 	16,687,124	  	  	 	16,470,888	  	  	 	7,396,723	  	  				 			
	 FHR 2574 PC
	  	31393L2N2	  	 	43,317,106	  	  	 	40,912,072	  	  	 	—  	  	  				 			
	 FHR 2603 JP
	  	31393PST2	  	 	6,313,823	  	  	 	6,210,745	  	  	 	222,955	  	  				 			
	 FHR 2641 KC
	  	31393WV63	  	 	6,348,949	  	  	 	6,257,238	  	  	 	3,683,483	  	  				 			
	 FHR 2656 AC
	  	31394HR86	  	 	7,092,716	  	  	 	7,081,975	  	  	 	4,614,663	  	  				 			
	 FHR 2675 PB
	  	31394J4P9	  	 	27,052,753	  	  	 	26,664,236	  	  	 	14,661,171	  	  				 			
	 FHR 2691 LD
	  	31394LDU3	  	 	17,090,000	  	  	 	17,090,000	  	  	 	9,743,272	  	  				 			
	 FHR 2740 PC
	  	31394P3P6	  	 	20,000,000	  	  	 	20,000,000	  	  	 	13,248,668	  	  				 			
	 FHR 2793 GC
	  	31394YG99	  	 	12,750,000	  	  	 	12,750,000	  	  	 	2,261,072	  	  				 			
	 FHR 2793 GC
	  	31394YG99	  	 	10,000,000	  	  	 	10,000,000	  	  	 	1,773,390	  	  				 			
	 FHR 2807 JA
	  	31395AM44	  	 	4,195,383	  	  	 	4,194,766	  	  	 	—  	  	  				 			
	 FHR 2878 QD
	  	31395GKM3	  	 	20,000,000	  	  	 	20,000,000	  	  	 	6,964,592	  	  				 			
	 FHR 3014 DW
	  	31395XAD7	  	 	3,397,571	  	  	 	3,326,814	  	  	 	1,875,282	  	  				 			
	 FN 725341
	  	31402CZE5	  	 	14,349,101	  	  	 	14,153,804	  	  	 	8,792,043	  	  				 			
	 FNR 02-77 QE
	  	31392F4E4	  	 	25,000,000	  	  	 	25,000,000	  	  	 	15,721,536	  	  				 			
	 FNR 1997-12 KB
	  	31359NE64	  	 	573,745	  	  	 	572,197	  	  	 	440,808	  	  				 			
	 FNR 1999-33 ZA
	  	31359WKG5	  	 	6,700,618	  	  	 	6,638,305	  	  	 	4,277,996	  	  				 			
	 FNR 2001-23 PG
	  	31359S4D9	  	 	9,123,523	  	  	 	9,105,038	  	  	 	6,572,962	  	  				 			
	 FNR 2001-31 VB
	  	313920CB4	  	 	2,613,792	  	  	 	2,130,331	  	  	 	—  	  	  				 			
	 FNR 2001-63 TB
	  	31392AUH9	  	 	4,468,244	  	  	 	4,389,351	  	  	 	44,601	  	  				 			
	 FNR 2002-55 VL
	  	31392EFY1	  	 	6,050,749	  	  	 	5,669,540	  	  	 	—  	  	  				 			
	 FNR 2003-41 PM
	  	31393BD51	  	 	26,916,040	  	  	 	26,916,040	  	  	 	19,683,718	  	  				 			
	 FNR 2003-97 WC
	  	31393TNL6	  	 	20,136,482	  	  	 	20,136,482	  	  	 	15,194,213	  	  				 			
	 FNR 2005-53 MB
	  	31394DH60	  	 	29,884,512	  	  	 	29,884,512	  	  	 	25,787,188	  	  				 			
	 FNR 2005-58 CW
	  	31394EDC9	  	 	9,873,409	  	  	 	9,783,888	  	  	 	7,009,664	  	  				 			
	 FNR 2007-10 VA
	  	31396PNB3	  	 	11,511,731	  	  	 	11,420,679	  	  	 	8,886,656	  	  				 			
	 GNR 1998-24 Z
	  	3837H1B42	  	 	4,239,680	  	  	 	4,177,436	  	  	 	2,798,097	  	  				 			
	 GNR 2000-26 PD
	  	3837H4B79	  	 	98,833	  	  	 	94,741	  	  	 	—  	  	  				 			
	 GNR 2002-67 VB
	  	38373VQX1	  	 	7,403,134	  	  	 	7,007,396	  	  	 	—  	  	  				 			
	 FHR 49 G
	  	31340YRU5	  	 	645,266	  	  	 	635,324	  	  	 	391,511	  	  				 			
	 FFCB 5 3/14 C 6/04
	  	31331TWT4	  	 	12,000,000	  	  	 	—  	  	  	 	—  	  	  				 			
	 FHLMC 4.25 3/10 C 9/04
	  	3128X2ZL2	  	 	20,000,000	  	  	 	—  	  	  	 	—  	  	  				 			
	 FHLMC 5 3/13 C 9/04
	  	3128X2C52	  	 	22,825,000	  	  	 	22,825,000	  	  	 	—  	  	  				 			
	 FHLMC 5.25 2/14 C 2/05
	  	3128X2QV0	  	 	11,000,000	  	  	 	—  	  	  	 	—  	  	  				 			
	 FNMA 4.01 8/09 C 8/04
	  	3136F5CC3	  	 	9,230,000	  	  	 	9,230,000	  	  	 	—  	  	  				 			
	 FNMA 4.27 1/09 C 4/04
	  	3136F4W83	  	 	22,915,000	  	  	 	—  	  	  	 	—  	  	  				 			
	 FNMA 4.3 3/10 C 6/04
	  	3136F5HH7	  	 	20,000,000	  	  	 	—  	  	  	 	—  	  	  				 			
	 FNMA 4.6 9/10 C 12/04
	  	3136F6EW5	  	 	30,735,000	  	  	 	—  	  	  	 	—  	  	  				 			
	 FNMA 5 2/12 C 5/04
	  	3136F45M2	  	 	25,000,000	  	  	 	—  	  	  	 	—  	  	  				 			
	 FNMA 5 8/11 C 5/04
	  	3136F46A7	  	 	6,785,000	  	  	 	—  	  	  	 	—  	  	  				 			
	 FNMA 5.25 1/13 C 7/03
	  	3136F2J90	  	 	30,120,000	  	  	 	—  	  	  	 	—  	  	  				 			
	 FNMA 5.25% 1/13 C 4/04
	  	3136F2P77	  	 	10,545,000	  	  	 	—  	  	  	 	—  	  	  				 			
	 FNMA 5.5 11/14 2/05
	  	3136F6MW6	  	 	20,000,000	  	  	 	—  	  	  	 	—  	  	  				 			
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Total C-1 securities
	  		  	$	819,094,979	  	  	$	603,730,361	  	  	$	224,747,107	  	  	$	802,713,079	  	 	$	591,655,754	  
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Investor Value / Par Value
	  		  				  				  				  	 	98.0000	% 	 	 	98.0000	% 

  

	(a)	Par Values ($) and Investor Values ($) for illustrative purposes only 


	(b)	Security was called or paid in full. 








 Annex A 
 Schedule 1.1(c) C-2 securities 
  

																									
	 Category
	 	CUSIP	 	Par Value
12/31/2007 (a)	 	 	Par Value
01/31/2008 (a)	 	 	Par
Value
03/31/2010 (a)	 	 	Investor Value
12/31
(a)	 	 	Investor Value
1/31
(a)	 	 	 SRI

Depository

Bank

	 C-2
	 		 				 				 				 				 				 	
								
	 ACCDO V C
	 	00388EAC5	 	 	9,000,000	  	 	 	9,000,000	  	 	 	9,082,993	  	 				 				 	Wells Fargo Bank N.A.
	 ACCDO V D
	 	00388EAD3	 	 	3,000,000	  	 	 	3,000,000	  	 	 	3,059,624	  	 				 				 	Wells Fargo Bank N.A.
	 ACCDO 10A C
	 	00389KAD8	 	 	10,000,000	  	 	 	10,000,000	  	 	 	10,615,025	  	 				 				 	Wells Fargo Bank N.A.
	 ACCOA 2007-1A A2
	 	00389UAC8	 	 	9,000,000	  	 	 	9,000,000	  	 	 	9,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 ANDY 2007-1A A2
	 	034050AD6	 	 	14,997,425	  	 	 	14,997,425	  	 	 	14,997,425	  	 				 				 	Wells Fargo Bank N.A.
	 ANDY 2007-1A B
	 	034050AE4	 	 	5,000,000	  	 	 	5,000,000	  	 	 	5,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 AYRES 2005-1A C
	 	05473WAJ5	 	 	3,500,000	  	 	 	3,500,000	  	 	 	3,500,000	  	 				 				 	Wells Fargo Bank N.A.
	 CCRK 2006-1A A3
	 	164553AD1	 	 	2,955,049	  	 	 	2,955,049	  	 	 	—  	  	 				 				 	(c)
	 CCRK 2007-2A A2
	 	164554AC1	 	 	20,000,000	  	 	 	20,000,000	  	 	 	20,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 CRONA 2007-1A B
	 	219655AH0	 	 	10,000,000	  	 	 	10,000,000	  	 	 	—  	  	 				 				 	(c)
	 FORTS 2006-2A A2
	 	34957YAC1	 	 	15,000,000	  	 	 	15,000,000	  	 	 	15,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 FORTS 2006-2A B
	 	34957YAD9	 	 	5,000,000	  	 	 	5,000,000	  	 	 	5,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 GLCR 2006-4A C
	 	37638NAD3	 	 	1,957,460	  	 	 	1,991,692	  	 	 	—  	  	 				 				 	(d)
	 GSCSF 2007-1RA A1LC
	 	3622MTAC4	 	 	14,998,669	  	 	 	14,998,669	  	 	 	14,998,669	  	 				 				 	Wells Fargo Bank N.A.
	 HLCDO 2006-1A A2
	 	40536UAB8	 	 	20,000,000	  	 	 	20,000,000	  	 	 	—  	  	 				 				 	(c)
	 INDE4 4A C
	 	453433AF1	 	 	5,674,111	  	 	 	5,674,111	  	 	 	6,505,899	  	 				 				 	Wells Fargo Bank N.A.
	 INDE7 7A B
	 	45377MAG6	 	 	8,500,000	  	 	 	8,500,000	  	 	 	8,500,000	  	 				 				 	Wells Fargo Bank N.A.
	 LEXN 2006-2A D
	 	52902WAF6	 	 	2,553,175	  	 	 	2,583,726	  	 	 	2,705,068	  	 				 				 	Wells Fargo Bank N.A.
	 MID 01-1A A1L
	 	59541FAB4	 	 	5,817,852	  	 	 	5,817,852	  	 	 	4,850,541	  	 				 				 	Wells Fargo Bank N.A.
	 NEPTN 2004-1A A3L
	 	640699AD6	 	 	2,270,444	  	 	 	2,270,444	  	 	 	2,248,358	  	 				 				 	Wells Fargo Bank N.A.
	 NEPTN 2007-5A A2L
	 	64069WAD5	 	 	10,000,000	  	 	 	10,000,000	  	 	 	10,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 ORCHD 03-1A B
	 	68571SAC8	 	 	9,375,000	  	 	 	9,375,000	  	 	 	9,375,000	  	 				 				 	Wells Fargo Bank N.A.
	 ORCHD 03-1A C1
	 	68571SAD6	 	 	2,661,494	  	 	 	2,661,494	  	 	 	2,661,494	  	 				 				 	Wells Fargo Bank N.A.
	 PSCBO 1A A1L
	 	74438VAA6	 	 	6,116	  	 	 	6,116	  	 	 	—  	  	 				 				 	(b)
	 PSCBO 1A A1
	 	74438VAB4	 	 	12,231	  	 	 	12,231	  	 	 	—  	  	 				 				 	(b)
	 PYXIS 2007-1A B
	 	74732XAD9	 	 	10,000,000	  	 	 	10,000,000	  	 	 	—  	  	 				 				 	(b)
	 SAYB 2001-1A A
	 	805659AA7	 	 	5,865,492	  	 	 	5,865,492	  	 	 	3,608,108	  	 				 				 	Wells Fargo Bank N.A.
	 SHERW 2006-3A A1J
	 	82442VAB1	 	 	20,000,000	  	 	 	20,000,000	  	 	 	20,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 SOLST 1A A
	 	83436UAA1	 	 	5,180,454	  	 	 	5,180,454	  	 	 	3,766,785	  	 				 				 	Wells Fargo Bank N.A.
	 STAK 2006-2A 4
	 	85234AAE6	 	 	11,000,000	  	 	 	11,000,000	  	 	 	—  	  	 				 				 	(c)
	 TABS 2007-7A A1J
	 	872159AB4	 	 	20,000,000	  	 	 	20,000,000	  	 	 	—  	  	 				 				 	(b)
	 VERT 2007-1A A1J
	 	92534YAC1	 	 	10,000,000	  	 	 	10,000,000	  	 	 	—  	  	 				 				 	(c)
	 VERT 2007-1A A2
	 	92534YAE7	 	 	10,000,000	  	 	 	10,000,000	  	 	 	—  	  	 				 				 	(c)
	 NORTH 2001-3A
	 	25153HAA2	 	 	13,625,000	  	 	 	13,625,000	  	 	 	13,625,000	  	 				 				 	Wells Fargo Bank N.A.
	 COOKS 2007-9A A
	 	2163P2AA0	 	 	10,000,000	  	 	 	10,000,000	  	 	 	—  	  	 				 				 	(c)
	 GSCSF 2006-1A B
	 	3622X0AC5	 	 	10,000,000	  	 	 	10,000,000	  	 	 	10,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 IXION 2006-9A 12
	 	46601WAJ4	 	 	10,000,000	  	 	 	10,000,000	  	 	 	—  	  	 				 				 	(c)
	 LCERT 2006-1A B
	 	50547QAC1	 	 	15,000,000	  	 	 	15,000,000	  	 	 	15,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 LEXN 2007-3A E
	 	52902YAN5	 	 	5,650,000	  	 	 	5,650,000	  	 	 	5,936,230	  	 				 				 	Wells Fargo Bank N.A.
	 MILL REEF 05-1
	 	600008AC0	 	 	8,595,000	  	 	 	8,595,000	  	 	 	8,306,407	  	 				 				 	Wells Fargo Bank N.A.
	 SALISBURY 05-14
	 	795267AG8	 	 	15,000,000	  	 	 	15,000,000	  	 	 	15,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 SALISBURY 06-1
	 	79526EAK4	 	 	20,000,000	  	 	 	20,000,000	  	 	 	—  	  	 				 				 	(c)
	 SALISBURY 06-16
	 	79526FAA3	 	 	20,000,000	  	 	 	20,000,000	  	 	 	—  	  	 				 				 	(c)
	 SKYBOX 05-1A C
	 	83083GAE0	 	 	13,699,474	  	 	 	13,699,474	  	 	 	11,931,399	  	 				 				 	Wells Fargo Bank N.A.
	 AYRESOME CDO I PREF
	 	05473U209	 	 	5,000,000	  	 	 	5,000,000	  	 	 	5,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 DUKEF 2005-HG1A SUB
	 	264412AA5	 	 	5,000,000	  	 	 	5,000,000	  	 	 	5,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 MILL REEF PREF
	 	27020EAA6	 	 	5,000,000	  	 	 	5,000,000	  	 	 	5,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 OPUS 2006-1A SUB
	 	68402DAA0	 	 	5,000,000	  	 	 	5,000,000	  	 	 	5,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 SHERW 2006-3A SUB
	 	82442TAA8	 	 	5,209,000	  	 	 	5,209,000	  	 	 	5,209,000	  	 				 				 	Wells Fargo Bank N.A.
	 STILLWATER PREF
	 	860721208	 	 	7,800,000	  	 	 	7,800,000	  	 	 	7,800,000	  	 				 				 	Wells Fargo Bank N.A.
	 TABS 2005-2A SUB
	 	87337LAF1	 	 	5,000,000	  	 	 	5,000,000	  	 	 	5,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 GSTAR 05-5A IN
	 	362905AA9	 	 	3,000,000	  	 	 	3,000,000	  	 	 	3,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 NEPTN 2004-1A SUB
	 	64069QAA4	 	 	6,400,000	  	 	 	6,400,000	  	 	 	6,400,000	  	 				 				 	Wells Fargo Bank N.A.
	 MID 2001-1A
	 	59541BAC1	 	 	5,823,641	  	 	 	5,823,641	  	 	 	5,823,641	  	 				 				 	Wells Fargo Bank N.A.
	 LOGAN 05-1 C
	 	42702MBA1	 	 	15,264,000	  	 	 	15,264,000	  	 	 	15,264,000	  	 				 				 	Wells Fargo Bank N.A.
	 COOKS 2007-18A A
	 	21699ACX5	 	 	20,000,000	  	 	 	20,000,000	  	 	 	20,000,000	  	 				 				 	(c)
	 THOM 2006-1 A C
	 	874008AE5	 	 	19,996,541	  	 	 	19,996,541	  	 	 	21,782,724	  	 				 				 	Wells Fargo Bank N.A.
	 CENTS 2006-1A A3
	 	156323AJ6	 	 	10,000,000	  	 	 	10,000,000	  	 	 	10,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 CENTS 2006-1A B
	 	156323AL1	 	 	15,000,000	  	 	 	15,000,000	  	 	 	15,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 CLSVF 2007-3A A3
	 	18272FAD 1	 	 	10,000,000	  	 	 	10,000,000	  	 	 	10,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 EIGHT 2007-1A A3
	 	28248EAG7	 	 	20,000,000	  	 	 	20,000,000	  	 	 	20,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 MARSC 2007-1A A3
	 	571656AC1	 	 	19,935,528	  	 	 	19,935,528	  	 	 	—  	  	 				 				 	(c)
	 PTPLS 2007-1A A2
	 	730594AC2	 	 	19,926,117	  	 	 	19,926,117	  	 	 	19,926,117	  	 				 				 	Wells Fargo Bank N.A.
	 SQRD 2007-1A A2A
	 	85223XAC3	 	 	15,000,000	  	 	 	15,000,000	  	 	 	15,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 TRIC 2005-4A A3L
	 	89608VAD2	 	 	7,500,000	  	 	 	7,500,000	  	 	 	7,500,000	  	 				 				 	Wells Fargo Bank N.A.
	 TRIC 2006-6A A2L
	 	89609AAD7	 	 	5,000,000	  	 	 	5,000,000	  	 	 	5,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 TWOLF 2007-1A A2
	 	88714PAF3	 	 	19,959,131	  	 	 	19,959,131	  	 	 	—  	  	 				 				 	(c)
	 ZING 6A B1
	 	98885LAE7	 	 	6,400,000	  	 	 	6,400,000	  	 	 	6,400,000	  	 				 				 	Wells Fargo Bank N.A.
		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	
	 Total C2 securities
	 		 	$	682,108,404	  	 	$	682,173,187	  	 	$	483,379,506	  	 	$	33,781,351	  	 	$	33,784,559	  	 	
		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	
	 Investor Value / Par Value
	 		 				 				 				 	 	4.9525	% 	 	 	4.9525	% 	 	

  

	(a)	Par Values ($) and Investor Values ($) for illustrative purposes only 


	(b)	Security was called or paid in full. 


	(c)	Security was collapsed. 


	(d)	Security was sold. 








 Annex A 
 Schedule 1.1(c) C-3 securities 
  

																									
	 Category
	 	CUSIP	 	Par Value
12/31/2007 (a)	 	 	Par Value
01/31/2008 (a)	 	 	Par
Value
03/31/2010 (a)	 	 	Investor Value
12/31 (a)	 	 	Investor Value
1/31 (a)	 	 	 SRI

Depository

Bank

	 C-3
	 		 				 				 				 				 				 	
								
	 TABERNA 05-2A D
	 	87330UAJ0	 	 	31,823,490	  	 	 	31,823,490	  	 	 	34,898,548	  	 				 				 	Wells Fargo Bank N.A.
	 TABERNA PFD
	 	87330L200	 	 	3,000,000	  	 	 	3,000,000	  	 	 	3,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 TAF 1A B1
	 	89675YAC6	 	 	8,667,066	  	 	 	8,667,066	  	 	 	8,667,066	  	 				 				 	Wells Fargo Bank N.A.
	 CMLTI 2006-WF1 M2
	 	17307G4N5	 	 	6,500,000	  	 	 	6,500,000	  	 	 	1,448,492	  	 				 				 	Wells Fargo Bank N.A.
	 CMLTI 2006-WF2 M1
	 	17309BAF4	 	 	9,100,000	  	 	 	9,100,000	  	 	 	7,447,353	  	 				 				 	Wells Fargo Bank N.A.
	 SHARP 05-HE4N N
	 	820018BV0	 	 	643,858	  	 	 	643,858	  	 	 	643,858	  	 				 				 	Wells Fargo Bank N.A.
	 RAMC 2007-2 M3
	 	75970QAM2	 	 	5,500,000	  	 	 	5,500,000	  	 	 	5,500,000	  	 				 				 	Wells Fargo Bank N.A.
	 MLMI 2005-HE2 M2
	 	59020US55	 	 	5,000,000	  	 	 	5,000,000	  	 	 	4,379,467	  	 				 				 	Wells Fargo Bank N.A.
	 FFML 04-FF10 M5
	 	32027NMN8	 	 	3,058,212	  	 	 	3,058,212	  	 	 	—  	  	 				 				 	(c)
	 SVHE 2005-OPT3 M6
	 	83611MGZ5	 	 	2,000,000	  	 	 	2,000,000	  	 	 	2,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 ACE 2004-HE3 B
	 	004421JB0	 	 	912,306	  	 	 	703,751	  	 	 	—  	  	 				 				 	(c)
	 SACO 2005-9 M4
	 	785778MR9	 	 	15,088,000	  	 	 	15,088,000	  	 	 	—  	  	 				 				 	(c)
	 GPMF 2005-HE4 M8
	 	39538WDQ8	 	 	3,000,000	  	 	 	3,000,000	  	 	 	—  	  	 				 				 	(c)
	 QUEST 2006-X1 M1
	 	748351AT0	 	 	1,000,000	  	 	 	1,000,000	  	 	 	1,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 CONHE 1997-1 M2
	 	21075WEG6	 	 	597,046	  	 	 	597,046	  	 	 	525,397	  	 				 				 	Wells Fargo Bank N.A.
	 SASC 2004-18H B2
	 	86359BF48	 	 	1,721,348	  	 	 	1,719,064	  	 	 	1,460,589	  	 				 				 	Wells Fargo Bank N.A.
	 SASC 2000-5 B5
	 	8635722E2	 	 	124,812	  	 	 	111,584	  	 	 	—  	  	 				 				 	(c)
	 SASC 2001-9 B4
	 	86358REH6	 	 	122,607	  	 	 	122,323	  	 	 	—  	  	 				 				 	(c)
	 OCMBS 99-R1 AP
	 	675748BR7	 	 	280,555	  	 	 	280,555	  	 	 	130,937	  	 				 				 	Wells Fargo Bank N.A.
	 RAST 2006-A7CB B1
	 	76113NAU7	 	 	1,971,858	  	 	 	1,970,696	  	 	 	437,088	  	 				 				 	Wells Fargo Bank N.A.
	 SIMSBURY CLO
	 	829192BC6	 	 	5,000,000	  	 	 	5,000,000	  	 	 	5,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 STANFIELD CLO
	 	85430NAA8	 	 	10,000,000	  	 	 	10,000,000	  	 	 	10,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 LONGHORN 2000-1
	 	543044200	 	 	5,000,000	  	 	 	5,000,000	  	 	 	5,000,000	  	 				 				 	Wells Fargo Bank N.A.
	 ANCHORAGE FIN SUB-TR IV
	 	033302209	 	 	15,000,000	  	 	 	15,000,000	  	 	 	—  	  	 				 				 	(b)
	 NORTH CASTLE CUST TR VIII
	 	65831M208	 	 	17,900,000	  	 	 	17,900,000	  	 	 	—  	  	 				 				 	(b)
	 SUTTON CAPITAL TRUST III
	 	86943W207	 	 	29,400,000	  	 	 	29,400,000	  	 	 	—  	  	 				 				 	(b)
	 TIERS 2001-6
	 	88652RAA4	 	 	1,735,794	  	 	 	1,735,794	  	 	 	1,735,794	  	 				 				 	Limited Partnership Interest
	 US BANK PIPER JAFFREY TRUST
	 	USBPJT	 	 	4,123,487	  	 	 	4,123,487	  	 	 	4,123,487	  	 				 				 	Limited Partnership Interest
	 BSIC MERCHANT BANKING
	 	055678AB2	 	 	(e)	  	 	 	(e)	  	 	 	4,103,520	  	 				 				 	Limited Partnership Interest
		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	
	 Total C-3 securities
	 		 	$	188,270,439	  	 	$	188,044,926	  	 	$	101,501,595	  	 	$	—  	  	 	$	—  	  	 	
		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	
	 Investor Value/Par Value
	 		 				 				 				 	 	0.0000	% 	 	 	0.0000	% 	 	

  

	(a)	Par Values ($) and Investor Values ($) for illustrative purposes only 


	(b)	Security was called or paid in full. 


	(c)	Security was collapsed. 


	(e)	Not included in original Schedule 1.1C as presumed to be sold.