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        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X:</ReturnReference>
        <Explanation>THE CORPORATION RECOGNIZES THE TAX BENEFIT FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITIONS WILL BE SUSTAINED ON EXAMINATION BY THE TAX AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFIT IS MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE CORPORATION RECOGNIZES INTEREST AND PENALTIES RELATED TO INCOME TAX MATTERS IN OPERATING EXPENSES. AT SEPTEMBER 30, 2011 AND 2010, THERE WERE NO SUCH UNCERTAIN TAX POSITIONS.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XI, LINE 8 - OTHER ADJUSTMENTS:</Identifier>
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      <Form990ScheduleDPartXIV>
        <Identifier>PART XII, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
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      <SupplementalNonqualRetirePlan>0</SupplementalNonqualRetirePlan>
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      <InitialContractException>0</InitialContractException>
      <Form990ScheduleJPartII>
        <NamePerson>ANTHONY SABATINI</NamePerson>
        <BaseCompensationFilingOrg>140278</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
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        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
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        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
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          <BusinessNameLine1>WISCONSIN HEALTH AND EDUCATIONAL FACILITIES</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>391337855</IssuerEIN>
        <CUSIPNumber>97710V7V4</CUSIPNumber>
        <DateIssued>2008-04-01</DateIssued>
        <IssuePrice>44590000</IssuePrice>
        <DescriptionOfPurpose>ACQUISITION, CONST, RENOVATION &amp; IMPROVEMENT OF FACILITIES &amp; REFUND BOND</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
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        <AmountInReserveFund>3146723</AmountInReserveFund>
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        <CreditEnhancement>724551</CreditEnhancement>
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        <AmountUnspent>6069829</AmountUnspent>
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        <CurrentRefunding>1</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>0</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
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        <MngmentCntrctBondFinancdPrprty>1</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>1</BondCounselRoutinelyEngaged>
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        <PercentageOfPrvtBusinessReUBI>0.00000</PercentageOfPrvtBusinessReUBI>
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        <PostIssuanceComplianceProcdrs>1</PostIssuanceComplianceProcdrs>
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        <Form8038TFiled>0</Form8038TFiled>
        <VariableRateIssue>1</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>1</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>KBC BANK</BusinessNameLine1>
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        <SuperintegratedHedge>0</SuperintegratedHedge>
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        <Explanation>THE DIFFERENCE BETWEEN ISSUE PRICE IN PART I(E) AND TOTAL PROCEEDS OF ISSUE IN PART II, LINE 3 IS DUE TO INVESTMENT EARNINGS. THE BONDS REFUNDED WERE ISSUED ON 4/25/1995 AND 8/25/1999.</Explanation>
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    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION A, LINE 3</Identifier>
        <Explanation>CAPITOL LAKES DELEGATES MANAGEMENT TO PACIFIC RETIREMENT SERVICES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION A, LINE 6</Identifier>
        <Explanation>CAPITOL LAKES, INC. HAS ONE MEMBER, PACIFIC RETIREMENT SERVICES, INC.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION A, LINE 7A</Identifier>
        <Explanation>PACIFIC RETIREMENT SERVICES HAS THE RIGHT TO ELECT THE DIRECTORS OF THE BOARD OF CAPITOL LAKES INC.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION A, LINE 7B</Identifier>
        <Explanation>SOME DECISIONS OF THE BOARD ARE SUBJECT TO APPROVAL BY PACIFIC RETIREMENT SERVICES, AS OUTLINED IN ARTICLE IV SECTION 1 OF THE BYLAWS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION B, LINE 11</Identifier>
        <Explanation>THE FORM 990 IS CURRENTLY BEING REVIEWED BY THE CONTROLLER AND THE BOARD OF DIRECTORS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE CONFLICT OF INTEREST POLICY AND QUESTIONNAIRE ARE SENT TO ALL BOARD MEMBERS AND KEY EMPLOYEES ANNUALLY. THERE ARE TWO POLICIES RELATED TO CONFLICTS OF INTEREST: 1) BOARD OF DIRECTORS; 2) KEY EMPLOYEES, WHICH IDENTIFY THE PURPOSE, DEFINITIONS, AND PROCEDURES. IF A CONFLICT IS SELF-IDENTIFIED BY A BOARD MEMBER OR KEY EMPLOYEE IN THE QUESTIONNAIRE AND/OR MEETING, PROCEDURES ARE FOLLOWED AND DOCUMENTED ACCORDING TO THE POLICY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15A</ReturnReference>
        <Explanation>A COMPENSATION COMMITTEE OF THE PRS BOARD EXISTS TO DETERMINE COMPENSATION FOR THE EXECUTIVE DIRECTOR OF EACH COMMUNITY. THIS COMMITTEE IS COMPRISED OF THE OFFICERS OF THE PRS BOARD OF DIRECTORS. THE COMMITTEE HAS A CHARTER THAT OUTLINES ITS DUTIES AND RESPONSIBILITIES. IT ALSO HAS AGENDA ELEMENTS THAT DESCRIBE THE ACTIVITIES THAT THE COMMITTEE UNDERTAKES DURING THE YEAR. THE VP OF HUMAN RESOURCES PROVIDED SALARY STUDIES FROM THE FOLLOWING RESOURCES TO THE COMMITTEE RELATIVE TO EXECUTIVE DIRECTOR COMPENSATION: SALARY.COM, PAYSCALE.COM, 990 REVIEW (LIKE SIZE ORGANIZATIONS), CEMO (CHIEF EXECUTIVE OFFICERS OF MULTI-FACILITY ORGANIZATIONS) SALARY STUDY RESULTS, AND INDUSTRY STATE ASSOCIATION SALARY STUDY RESULTS BASED ON GEOGRAPHICAL LOCATION. THE RECOMMENDATION FOR BASE COMPENSATION AND BONUS ARE PROVIDED BY THE EDS DIRECT SUPERVISOR (COO OR VP OF OPERATIONS).</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>ALL REQUESTS GO THROUGH CORPORATE COUNSEL.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>HOURS PER WEEK DEVOTED TO RELATED ORGANIZATIONS:</Identifier>
        <ReturnReference>PART VII, SECTION A:</ReturnReference>
        <Explanation>- LEN MERRYMAN DEVOTES 1 HOUR PER WEEK TO EACH OF THE FOLLOWING ENTITIES: * ROGUE VALLEY MANOR * UNIVERSITY RETIREMENT COMMUNITY AT DAVIS * MIRABELLA SEATTLE * MIRABELLA WASHINGTON FOUNDATION * MIRABELLA PORTLAND - LARRY BOEK DEVOTES 1 HOUR PER WEEK TO EACH OF THE FOLLOWING ENTITIES: * UNIVERSITY RETIREMENT COMMUNITY AT DAVIS * MIRABELLA SEATTLE * MIRABELLA WASHINGTON FOUNDATION * MIRABELLA PORTLAND - ANTHONY SABATINI DEVOTES 1 HOUR PER WEEK TO MIRABELLA PORTLAND FOUNDATION</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CHANGES IN NET ASSETS OR FUND BALANCES:</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 5:</ReturnReference>
        <Explanation>NET UNREALIZED LOSSES ON INVESTMENTS: -868,001. CHANGE IN INTEREST IN NET ASSETS OF CAPITOL LAKES FOUNDATION, INC. 11,560. CHANGE IN VALUE OF INTEREST RATE SWAP -562,043. TOTAL TO FORM 990, PART XI, LINE 5: -1,418,484.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
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          <BusinessNameLine1>PACIFIC RETIREMENT SERVICES INC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>965 ELLENDALE DRIVE</AddressLine1>
          <City>MEDFORD</City>
          <State>OR</State>
          <ZIPCode>97504</ZIPCode>
        </AddressUS>
        <EIN>931067253</EIN>
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      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>RVM YREKA HOUSING CORPORATION</BusinessNameLine1>
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          <AddressLine1>965 ELLENDALE DRIVE</AddressLine1>
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        <LegalDomicileState>CA</LegalDomicileState>
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      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>RVM EUGENE HOUSING CORPORATION</BusinessNameLine1>
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          <AddressLine1>965 ELLENDALE DRIVE</AddressLine1>
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      <Form990ScheduleRPartII>
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          <BusinessNameLine1>RVM FORT WORTH I HOUSING CORPORATION</BusinessNameLine1>
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          <AddressLine1>965 ELLENDALE DRIVE</AddressLine1>
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          <State>OR</State>
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        <LegalDomicileState>TX</LegalDomicileState>
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      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>RVM BEND II HOUSING CORPORATION</BusinessNameLine1>
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          <AddressLine1>965 ELLENDALE DRIVE</AddressLine1>
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        <NameOfDisregardedEntity>
          <BusinessNameLine1>RVM FORT WORTH II HOUSING CORPORATION</BusinessNameLine1>
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          <BusinessNameLine1>RVM MEDFORD III HOUSING CORPORATION</BusinessNameLine1>
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        <LegalDomicileState>TX</LegalDomicileState>
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        <LegalDomicileState>NC</LegalDomicileState>
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</Return>