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This excerpt taken from the ALL 10-Q filed Nov 6, 2008. Recent developments Between September 30, 2008 and October 31,
2008, the S&P 500 index has declined 17%, the Muni Bond buyer index yields
have increased 12 basis points (“bps”) and while risk free interest rates have increased
as illustrated by the increase of 16 bps in U.S. Treasury 10 year yields,
credit spreads have widened, as illustrated by the 42 bps spread increase in
the Barclays Capital Aggregate index resulting in an overall increase of 40 bps
in
77
the Barclays Capital Aggregate Yield. This has resulted in an increase in our unrealized losses on our fixed income and equity securities. Our unrealized gains and losses can vary significantly between periods. The U.S. government is seeking to reverse these economic trends and we believe that they will be successful.
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