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        <CUSIPNumber>801321JV3</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>630000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JU5</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>605000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JT8</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>575000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JS0</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>555000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
    </IRS990ScheduleK>
    <IRS990ScheduleK documentId="IRS990ScheduleK.3" softwareId="10000105" softwareVersion="2010v3.2">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JR2</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>530000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JQ4</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>510000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JP6</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>490000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JN1</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>470000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
    </IRS990ScheduleK>
    <IRS990ScheduleK documentId="IRS990ScheduleK.2" softwareId="10000105" softwareVersion="2010v3.2">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JM3</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>450000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JL5</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>435000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JK7</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>415000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JJ0</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>400000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
    </IRS990ScheduleK>
    <IRS990ScheduleK documentId="IRS990ScheduleK.1" softwareId="10000105" softwareVersion="2010v3.2">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JH4</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>385000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JG6</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>370000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JF8</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>360000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MUSIC ACADEMY OF THE WEST</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>951525814</IssuerEIN>
        <CUSIPNumber>801321JE1</CUSIPNumber>
        <DateIssued>2007-04-24</DateIssued>
        <IssuePrice>345000</IssuePrice>
        <DescriptionOfPurpose>BUILDING CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <TotalProceeds>16625000</TotalProceeds>
        <AmountInReserveFund>1071542</AmountInReserveFund>
        <IssuanceCostsFromProceeds>170000</IssuanceCostsFromProceeds>
        <CapitalExpenditures>15000000</CapitalExpenditures>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>false</BondCounselRoutinelyEngaged>
        <PostIssuanceComplianceProcdrs>true</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <VariableRateIssue>true</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>true</GrossProceedsInvestedInGIC>
        <NameOfGICProvider>
          <BusinessNameLine1>ROYAL BANK OF CANADA</BusinessNameLine1>
        </NameOfGICProvider>
        <GrossProceedsInvested>false</GrossProceedsInvested>
      </Form990ScheduleKPartIV>
    </IRS990ScheduleK>
    <IRS990ScheduleM documentId="IRS990ScheduleM" softwareId="10000105" softwareVersion="2010v3.2">
      <ClothingAndHouseholdGoods>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NoncashContribsRptdF990>5607</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>EST FMV</MethodOfDeterminingRevenues>
      </ClothingAndHouseholdGoods>
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>9</NumberOfContributions>
        <NoncashContribsRptdF990>148017</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>MKT PRICE</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>false</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>false</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="10000105" softwareVersion="2010v3.2">
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 19</Identifier>
        <ReturnReference>Form 990, Part VI, Line 19: Other Organization Documents Publicly Available</ReturnReference>
        <Explanation>UPON REQUEST</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 15b</Identifier>
        <ReturnReference>Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees</ReturnReference>
        <Explanation>THE COMPENSATION COMMITTEE OF THE BOARD REVIEWS WAGE STUDIES TO DETERMINE THE RECOMMENDED SALARIES. THE RECOMMENDED SALARIES ARE THEN APPROVED BY THE BOARD OF DIRECTORS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 12c</Identifier>
        <ReturnReference>Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts</ReturnReference>
        <Explanation>Forms are distributed at Board Meeting and returned to Assistant to the President. Forms sent to DIRECTORS, OFFICERS AND KEY EMPLOYEES not at the meeting. Assistant to the President follows up with any missing forms.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 11</Identifier>
        <ReturnReference>Form 990, Part VI, Line 11: Form 990 Review Process</ReturnReference>
        <Explanation>990 will be reviewed in detail by the Audit Committee and reviewed by Board.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>