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<SEC-DOCUMENT>0001193805-09-000066.txt : 20090109
<SEC-HEADER>0001193805-09-000066.hdr.sgml : 20090109
<ACCEPTANCE-DATETIME>20090109101147
ACCESSION NUMBER:		0001193805-09-000066
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20081031
FILED AS OF DATE:		20090109
DATE AS OF CHANGE:		20090109
EFFECTIVENESS DATE:		20090109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIYIELD QUALITY FUND INC
		CENTRAL INDEX KEY:			0000890196
		IRS NUMBER:				223170744
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06660
		FILM NUMBER:		09517227

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD QUALITY FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>e604866_ncsr-muniyieldq.htm
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N-CSR</font></div>
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SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
Company Act file number 811-06660</font></div>
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Fund: BlackRock MuniYield Quality Fund, Inc. (MQY)</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fund
Address: 100 Bellevue Parkway, Wilmington, DE 19809</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name and
address of agent for service: Donald C. Burke, Chief Executive Officer,
BlackRock MuniYield Quality Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ,
08536. Mailing address: P.O. Box 9011, Princeton, NJ,
08543-9011</font></div>
    </div>
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telephone number, including area code: (800) 882-0052, Option
4</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
fiscal year end: 10/31/2008</font></div>
    </div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
reporting period: 11/01/2007 &#8211; 10/31/2008</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 1 &#8211;
Report to Stockholders</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=DIN-Light,Arial,Helvetica,sans-serif size=1>EQUITIES &nbsp;&nbsp;FIXED INCOME &nbsp;&nbsp;REAL ESTATE &nbsp;&nbsp;LIQUIDITY &nbsp;&nbsp;ALTERNATIVES&nbsp;&nbsp;&nbsp;BLACKROCK SOLUTIONS</FONT> </TD>
     <TD width="1%"><FONT size=1>&nbsp;</FONT></TD>
     <TD noWrap align=left width="50%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD noWrap align=left width="49%" bgColor=#000000><FONT size=1>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=1>&nbsp;</FONT></TD>
     <TD noWrap align=left width="50%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%" bgColor=#000000>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=DIN-Regular,Arial,Helvetica,sans-serif color=#ffffff size=5>Annual Report</FONT> </TD>
     <TD width="1%"><FONT size=1>&nbsp;</FONT></TD>
     <TD vAlign=top noWrap align=left width="50%" rowSpan=3>
<P align=center>
<IMG src="e604866_ncsr-muniyieldfqx1x1.jpg" border=0>
</P>
</TD></TR>
<TR>
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<TR>
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     <TD width="1%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="49%" bgColor=#000000>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=DIN-Regular,Arial,Helvetica,sans-serif color=#ffffff>OCTOBER 31, 2008</FONT> </TD>
     <TD width="1%"><FONT size=1>&nbsp;</FONT></TD>
     <TD noWrap align=left width="50%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD noWrap align=left width="49%" bgColor=#000000><FONT size=1>&nbsp;</FONT></TD>
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<TR>
     <TD noWrap align=left width="49%" bgColor=#7791bf><FONT size=1>&nbsp;</FONT></TD>
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     <TD noWrap align=left width="50%"><FONT size=1>&nbsp;</FONT></TD></TR></TABLE>
<P>&nbsp;</P>
<P><FONT face=DIN-Regular,Arial,Helvetica,sans-serif color=#0035c4 size=4>BlackRock MuniYield Fund, Inc. (MYD)</FONT><BR>
<BR>
<FONT face=DIN-Regular,Arial,Helvetica,sans-serif color=#0035c4 size=4>BlackRock MuniYield Quality Fund, Inc. (MQY)</FONT><BR>
<BR>
<FONT face=DIN-Regular,Arial,Helvetica,sans-serif color=#0035c4 size=4>BlackRock MuniYield Quality Fund II, Inc. (MQT)</FONT></P>
<P>&nbsp;</P>
<P><FONT face=DIN-Light,Arial,Helvetica,sans-serif size=1>NOT FDIC INSURED</FONT><BR>
<FONT face=DIN-Light,Arial,Helvetica,sans-serif size=1>MAY LOSE VALUE</FONT><BR>
<FONT face=DIN-Light,Arial,Helvetica,sans-serif size=1>NO BANK GUARANTEE</FONT></P>

<p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD width="53%" align=left noWrap>&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="24%" align=left noWrap>&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD noWrap align=right width="1%">&nbsp;</TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
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<font style="background-color:#ffffff; width:100%" size=1><A name="p2">&nbsp;</A></font></p>

<A name="page_2"></A>
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     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="48%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Table of Contents</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="48%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="48%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="48%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Page</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>A Letter to Shareholders</FONT> </TD>
     <TD width="48%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Annual Report:</FONT></B> </TD>
     <TD width="48%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Fund Summaries</FONT> </TD>
     <TD width="48%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Benefits and Risks of Leveraging</FONT> </TD>
     <TD width="48%">&nbsp; </TD>
     <TD noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Derivative Instruments</FONT> </TD>
     <TD width="48%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Financial Statements:</FONT> </TD>
     <TD width="48%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" bgColor=#f4f9fd>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Schedules of Investments</FONT> </TD>
     <TD width="48%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Statements of Assets and Liabilities</FONT> </TD>
     <TD width="48%">&nbsp; </TD>
     <TD noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>24</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" bgColor=#f4f9fd>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Statements of Operations</FONT> </TD>
     <TD width="48%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>25</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Statements of Changes in Net Assets</FONT> </TD>
     <TD width="48%">&nbsp; </TD>
     <TD noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>26</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" bgColor=#f4f9fd>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Statements of Cash Flows</FONT> </TD>
     <TD width="48%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>28</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Financial Highlights</FONT> </TD>
     <TD width="48%">&nbsp; </TD>
     <TD noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>29</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Notes to Financial Statements</FONT> </TD>
     <TD width="48%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>31</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Report of Independent Registered Public Accounting Firm</FONT> </TD>
     <TD width="48%">&nbsp; </TD>
     <TD noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>37</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Important Tax Information</FONT> </TD>
     <TD width="48%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>38</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Disclosure of Investment Advisory Agreement and Subadvisory Agreement</FONT> </TD>
     <TD width="48%">&nbsp; </TD>
     <TD noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>39</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Automatic Dividend Reinvestment Plans</FONT> </TD>
     <TD width="48%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>43</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Officers and Directors</FONT> </TD>
     <TD width="48%">&nbsp; </TD>
     <TD noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>44</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock Closed-End Funds</FONT> </TD>
     <TD width="48%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>47</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Additional Information</FONT> </TD>
     <TD width="48%">&nbsp; </TD>
     <TD noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>48</FONT> </TD></TR></TABLE><BR>
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       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>2&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
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<font style="background-color:#7791bf; width:100%" size=1><A name="p3">&nbsp;</A></font>
</p></P>


<A name="page_3"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>A Letter to Shareholders</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>Dear Shareholder</FONT></B></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>It has been a tumultuous period for investors, marked by almost daily headlines of deepening turmoil in financial markets and a darkening economic outlook. The news took an extraordinarily heavy tone late in the period as the credit crisis boiled over and triggered unprecedented failures and consolidation in the financial sector, stoking fears of a market and economic collapse and prompting a series of new government programs designed to contain and combat the fallout.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Federal Reserve Board (the &#147;Fed&#148;) has taken decisive measures to restore liquidity and stabilize the financial system. Key moves included slashing the target federal funds rate 250 basis points (2.50%) between November 2007 and April 2008 and providing massive cash injections and lending programs. In October, as credit conditions further deteriorated, the central bank cut the key interest rate by 50 basis points on two separate occasions &#151;on October 8 in coordination with five other global central banks, and again during its regularly scheduled meeting on October 29. This left the key short-term rate at just 1.0%, its lowest level since 2004. While the U.S. economy appeared fairly resilient through the second quarter of 2008, the third quarter saw a contraction of 0.5%, and a more significant decline is expected for the fourth quarter. Moreover, on December 1, the National Bureau of Economic Research confirme
d that the U.S. had entered a recession in December 2007.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Against this backdrop, U.S. equity markets experienced intense volatility, with periods of downward pressure punctuated by sharp rebounds. Losses were significant and broad-based, though small-cap stocks fared moderately better than their larger counterparts. Non-U.S. markets decelerated at a considerably faster pace than domestic equities &#151; a stark reversal of recent years&#146; trends, when international stocks generally outpaced U.S. stocks.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Treasury issues also traded in a volatile fashion, but rallied overall (yields fell and prices correspondingly rose) and outperformed other fixed income assets as investors continued their flight to higher quality and more liquid securities.Tax-exempt issues generally underperformed, as problems among municipal bond insurers and the collapse in the market for auction rate securities afflicted the group throughout the course of the past year.At the same time, the above mentioned economic headwinds and malfunctioning credit markets plagued the high yield sector, with the third quarter of 2008 marking one of the worst periods in history for the asset class.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Facing unprecedented volatility and macro pressures, the major benchmark indexes generally recorded losses for the six- and 12-month reporting periods:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="48%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Returns as of October 31, 2008</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="17%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="7%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>6-month</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="16%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="8%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>12-month</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>U.S. equities (S&amp;P 500 Index)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(29.28</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(36.10</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Small cap U.S. equities (Russell 2000 Index)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(24.39</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(34.16</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>International equities (MSCI Europe, Australasia, Far East Index)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(41.21</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(46.62</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fixed income (Barclays Capital U.S. Aggregate Index*)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(3.63</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.30</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax-exempt fixed income (Barclays Capital Municipal Bond Index*)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4.70</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(3.30</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>High yield bonds (Barclays Capital U.S. Corporate High Yield 2% Issuer Capped Index*)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(24.86</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(25.41</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Formerly a Lehman Brothers Index.</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Past performance is no guarantee of future results. Index performance shown is for illustrative purposes only. You cannot invest directly in an index.</FONT></TD></TR></TABLE>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Through periods of market turbulence, as ever, BlackRock&#146;s full resources are dedicated to the management of our clients&#146; assets. For our most current views on the economy and financial markets, we invite you to visit </FONT><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>www.blackrock.com/funds</FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>. As always, we thank you for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.</FONT></P>
<P><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Sincerely,<BR>
</FONT>
<IMG height=72 src="e604866_ncsr-muniyieldfqx3x1.jpg" width=199 border=0>
&nbsp;<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Rob Kapito<BR>
</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>President, BlackRock Advisors, LLC</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
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         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
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         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD align=left noWrap><P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#4d4d4d size=1>THIS PAGE NOT PART OF YOUR FUND REPORT</FONT></P></TD>
         <TD><font size="1">&nbsp;</font></TD>
         <TD align=left noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;3</FONT></TD>
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     <font style="background-color:#7791bf; width:100%" size=1><A name="p4">&nbsp;</A></font></p></P>


<A name="page_4"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Fund Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>as of October 31, 2008</FONT> </TD>
     <TD width="41%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Fund, Inc.</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Investment Objective</FONT></B> </TD></TR></TABLE><BR>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Fund, Inc. (MYD) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>seeks to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Performance</FONT></B> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>For the 12 months ended October 31, 2008, the Fund returned (25.06)% based on market price and (20.69)% based on net asset value (&#147;NAV&#148;). For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (19.05)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund&#146;s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The Fund maintained a neutral duration and yield curve posture for much of the period, but relative performance was adversely impacted by investments in lower-rated issues as credit spreads widened significantly. The Fund&#146;s above-market exposure to lower-rated issues has sustained a highly competitive dividend yield among its Lipper peers.</FONT></P>
<P><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Fund Information</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Symbol on New York Stock Exchange</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="15%" bgColor=#f4f9fd colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MYD</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Initial Offering Date</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="15%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>November 29, 1991</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Yield on Closing Market Price as of October 31, 2008 ($9.66)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT></SUP> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7.95</FONT> </TD>
     <TD noWrap align=left width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT></SUP> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>12.23</FONT> </TD>
     <TD noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>0.064</FONT> </TD>
     <TD noWrap align=left width="7%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>0.768</FONT> </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="84%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Leverage as of October 31, 2008</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>40</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The distribution rate is not constant and is subject to change.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to Auction Market Preferred Shares (&#147;Preferred Shares&#148;) and tender option bond trusts (&#147;TOBs&#148;)) minus the sum of accrued liabilities.</FONT></TD></TR></TABLE>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The table below summarizes the changes in the Fund&#146;s market price and net asset value per share:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/08</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Change</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>High</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Low</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Market Price</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9.66</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13.72</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(29.59</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>)%</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>14.90</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6.49</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Net Asset Value</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10.70</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>14.36</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(25.49</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>)%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>14.40</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10.03</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The following unaudited charts show the portfolio composition and credit quality allocations of the Fund&#146;s long-term investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="42%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Portfolio Composition</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="13%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Sector</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/08</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Hospital</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>18</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>17</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>City, County &amp; State</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>16</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>15</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Transportation</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>15</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>20</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Education</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Industrial &amp; Pollution Control</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>12</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>15</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Housing</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Power</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Revenue</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tobacco</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Lease Revenue</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Water &amp; Sewer</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Resource Recovery</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="42%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>5</FONT></SUP></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="13%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Credit Rating</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/08</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AAA/Aaa</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>32</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>40</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AA/Aa</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>24</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>17</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>A/A</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>15</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>11</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BBB/Baa</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BB/Ba</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>B/B</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>CCC/Caa</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Not Rated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>14</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>15</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">&nbsp; </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Using the higher of Standard &amp; Poor&#146;s (&#147;S&amp;P&#146;s&#148;) or Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;) ratings.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The investment advisor has deemed certain of these non-rated securities are of investment grade quality. As of October 31, 2008 and October 31, 2007, the market value of these securities was $21,126,114 representing 3% and $28,842,801 representing 3%, respectively, of the Fund&#146;s long-term investments.</FONT></TD></TR></TABLE>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>4&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p5">&nbsp;</A></font>
</p></P>


<A name="page_5"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Fund Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>as of October 31, 2008</FONT> </TD>
     <TD width="36%">&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund, Inc.</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Investment Objective</FONT></B> </TD></TR></TABLE><BR>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Quality Fund, Inc. (MQY) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>seeks to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term, high-grade municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Performance</FONT></B> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>For the 12 months ended October 31, 2008, the Fund returned (12.47)% based on market price and (16.79)% based on NAV. For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of (14.93)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund&#146;s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Fund performance was negatively impacted by above-average exposure to the longer end of the yield curve, where yields increased rapidly while those in the very short end fell. The Fund also had above-average exposure to bonds subject to the alternative minimum tax (&#147;AMT&#148;), which underperformed non-AMT bonds. Finally, above-average exposure to insured bonds with weaker underlying credits hurt performance as monoline insurers&#146; credit ratings were downgr
aded.</FONT></P>
<P><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Fund Information</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Symbol on New York Stock Exchange</FONT> </TD>
     <TD width="37%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="15%" bgColor=#f4f9fd colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MQY</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Initial Offering Date</FONT> </TD>
     <TD width="37%">&nbsp; </TD>
     <TD noWrap align=center width="15%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>June 26, 1992</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Yield on Closing Market Price as of October 31, 2008 ($10.90)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT></SUP> </TD>
     <TD width="37%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6.28</FONT> </TD>
     <TD noWrap align=left width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT></SUP> </TD>
     <TD width="37%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9.66</FONT> </TD>
     <TD noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP> </TD>
     <TD width="37%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>0.057</FONT> </TD>
     <TD noWrap align=left width="7%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP> </TD>
     <TD width="37%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>0.684</FONT> </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="48%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Leverage as of October 31, 2008</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="37%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>43</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The distribution is not constant and is subject to change.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Shares and TOBs) minus the sum of accrued liabilities.</FONT></TD></TR></TABLE>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The table below summarizes the changes in the Fund&#146;s market price and net asset value per share:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/08</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Change</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>High</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Low</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Market Price</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10.90</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13.20</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(17.42</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>)%</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>14.15</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6.78</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Net Asset Value</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>11.68</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>14.88</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(21.51</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>)%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>15.11</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10.43</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The following unaudited charts show the portfolio composition and credit quality allocations of the Fund&#146;s long-term investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="42%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Portfolio Composition</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="13%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Sector</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/08</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Transportation</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>23</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>22</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>City, County &amp; State</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>20</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>24</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Education</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Water &amp; Sewer</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Industrial &amp; Pollution Control</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Hospital</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Revenue</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tobacco</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Housing</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Power</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Lease Revenue</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="42%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>5</FONT></SUP></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="13%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Credit Rating</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/08</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AAA/Aaa</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>36</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>86</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AA/Aa</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>50</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>A/A</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BBB/Baa</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#151;</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>B/B</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#151;</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Not Rated</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">&nbsp; </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT></TD></TR></TABLE>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;5</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p6">&nbsp;</A></font></p></P>


<A name="page_6"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Fund Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>as of October 31, 2008</FONT> </TD>
     <TD width="35%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund II, Inc.</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Investment Objective</FONT></B> </TD></TR></TABLE><BR>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Quality Fund II, Inc. (MQT) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>seeks to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term, high-grade municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes. The Fund invests primarily in insured municipal bonds.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Performance</FONT></B> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>For the 12 months ended October 31, 2008, the Fund returned (20.31)% based on market price and (18.42)% based on NAV. For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of (14.93)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund&#146;s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Fund performance was negatively impacted by above-average exposure to the longer end of the yield curve, where yields increased rapidly while those in the very short end fell. The Fund also had above-average exposure to bonds subject to the alternative minimum tax (&#147;AMT&#148;), which underperformed non-AMT bonds. Finally, above-average exposure to insured bonds with weaker underlying credits hurt performance as monoline insurers&#146; credit ratings were downgra
ded.</FONT></P>
<P><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Fund Information</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Symbol on New York Stock Exchange</FONT> </TD>
     <TD width="35%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="15%" bgColor=#f4f9fd colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MQT</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Initial Offering Date</FONT> </TD>
     <TD width="35%">&nbsp; </TD>
     <TD noWrap align=center width="15%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>August 28, 1992</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Yield on Closing Market Price as of October 31, 2008 ($8.75)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT></SUP> </TD>
     <TD width="35%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6.86</FONT> </TD>
     <TD noWrap align=left width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT></SUP> </TD>
     <TD width="35%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10.55</FONT> </TD>
     <TD noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP> </TD>
     <TD width="35%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>0.05</FONT> </TD>
     <TD noWrap align=left width="7%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP> </TD>
     <TD width="35%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>0.60</FONT> </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="46%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Leverage as of October 31, 2008</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>44</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The distribution is not constant and is subject to change.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Shares and TOBs) minus the sum of accrued liabilities.</FONT></TD></TR></TABLE>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The table below summarizes the changes in the Fund&#146;s market price and net asset value per share:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/08</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Change</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>High</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Low</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Market Price</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8.75</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>11.60</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(24.57</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>)%</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>12.20</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5.99</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Net Asset Value</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10.17</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13.17</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(22.78</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>)%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13.44</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9.08</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The following unaudited charts show the portfolio composition and credit quality allocations of the Fund&#146;s long-term investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="42%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Portfolio Composition</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="13%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Sector</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/08</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Transportation</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>29</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>27</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>City, County &amp; State</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>16</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>19</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Education</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>12</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Sales Tax</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Water &amp; Sewer</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Housing</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Industrial &amp; Pollution Control</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Power</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Hospital</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Lease Revenue</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tobacco</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Resource Recovery</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="42%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>5</FONT></SUP></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="13%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Credit Rating</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/08</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AAA/Aaa</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>36</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>85</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AA/Aa</FONT> </TD>
     <TD width="13%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>54</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9</FONT> </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>A/A</FONT> </TD>
     <TD width="13%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT> </TD>
     <TD noWrap align=left width="6%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BBB/Baa</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">&nbsp; </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT></TD></TR></TABLE>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>6&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p7">&nbsp;</A></font>
</p></P>


<A name="page_7"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>The Benefits and Risks of Leveraging</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may utilize leverage to seek to enhance the yield and NAV of their Common Shares. However, these objectives cannot be achieved in all interest rate environments.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>To leverage, each Fund issues Preferred Shares, which pay dividends at prevailing short-term interest rates, and invests the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the cost of assets to be obtained from leverage will be based on short-term interest rates, which normally will be lower than the income earned by each Fund on its longer-term portfolio investments. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund&#146;s Common Shareholders will benefit from the incremental yield.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>To illustrate these concepts, assume a Fund&#146;s Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Fund pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates.At the same time, the Fund&#146;s total portfolio of $150 million earns the income based on long-term interest rates. Conversely, if prevailing short-term interest rates rise above long-term interest rates of 6%, the yield curve has a negative slope. In this case, the Fund pays dividends on the higher short-term interest rates whereas the Fund&#146;s total portfolio earns income based on lower long-term interest rates.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In this case, the dividends paid to Preferred Shareholders are significantly lower than the income earned on the Fund&#146;s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental yield. However, if short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental yield pickup on the Common Shares will be reduced or eliminated completely.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Furthermore, the value of the Fund&#146;s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the redemption value of the Fund&#146;s Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Fund&#146;s NAV positively or negatively in addition to the impact on Fund performance from leverage from Preferred Shares discussed above.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may also, from time to time, leverage their assets through the use of tender option bond (&#147;TOB&#148;) programs, as described in Note 1 of </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the Notes to Financial Statements. TOB investments generally will provide the Funds with economic benefits in periods of declining short-term interest rates, but expose the Funds to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Funds, as described above. Additionally, fluctuations in the market value of municipal securities deposited into the TOB trust may adversely affect the Funds&#146; NAVs per share.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The use of leverage may enhance opportunities for increased returns to the Funds and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Funds&#146; NAV, market price and dividend rate than a comparable portfolio without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Funds&#146; net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, the Funds&#146; net income will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced.The Funds may be required to sell portfolio securities at inopportune times or below fair market values in order to comply w
ith regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Funds to incur losses.The use of leverage may limit the Funds&#146; ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by ratings agencies that rate preferred shares issued by the Funds.The Funds will incur expenses in connection with the use of leverage, all of which are borne by the holders of the Common Shares and may reduce returns on the Common Shares.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Under the Investment Company Act of 1940, the Funds are permitted to issue Preferred Shares in an amount of up to 50% of their total managed assets at the time of issuance. Under normal circumstances, each Fund anticipates that the total economic leverage from Preferred Shares and TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of October 31, 2008, the Funds had economic leverage from Preferred Shares and TOBs as a percentage of their total managed assets as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left width="42%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1px solid" width="36%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center width="21%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Percent of</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="21%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Leverage</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Fund, Inc.</FONT> </TD>
     <TD width="36%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="11%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40</FONT> </TD>
     <TD noWrap align=left width="10%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund, Inc.</FONT> </TD>
     <TD width="36%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>43</FONT> </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund II, Inc</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>44</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Derivative Instruments</FONT></B> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may invest in various derivative instruments, including swap agreements and other instruments specified in the Notes to Financials Statements, which constitute additional forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the other party to the transaction and illiquidity of the derivative instrument.The Funds&#146; ability to successfully use a derivative </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>instrument depends on the Advisor&#146;s ability to accurately predict pertinent market movements, which cannot be assured.The use of derivative instruments may result in losses greater than

 if they had not been used, may require the Funds to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Funds can realize on an investment or may cause the Funds to hold a security that it might otherwise sell.The Funds&#146; investments in these instruments are discussed in detail in the Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;7</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p8">&nbsp;</A></font></p></P>


<A name="page_8"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>October 31, 2008</FONT> </TD>
     <TD width="29%">&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Fund, Inc. (MYD)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%">&nbsp; </TD>
     <TD width="29%">&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="65%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Alabama &#151; 2.0%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jefferson County, Alabama, Limited Obligation</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;School Warrants, Series A, 5.50%, 1/01/22</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,250</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,406,377</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tuscaloosa, Alabama, Special Care Facilities</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Financing Authority, Residential Care Facility</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds (Capstone Village, Inc. Project),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A (a)(b):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 8/01/25</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,419,572</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 8/01/36</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,425</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,879,158</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,705,107</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Arizona &#151; 13.5%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Arizona State Transportation Board, Highway</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, Sub-Series A:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%, 7/01/21</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,825</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,844,572</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%, 7/01/22</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,030</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,032,953</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5%, 7/01/23</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,240</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,252,471</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Maricopa County, Arizona, IDA, Education Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Bonds</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Arizona Charter Schools Project 1),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Series A, 6.75%, 7/01/29</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,300</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,548,656</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Maricopa County, Arizona, IDA, M/F Housing</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Revenue Refunding Bonds (CRS Pine Ridge</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Housing Corporation), Series A-1 (c)(d):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;</FONT>6%, 10/20/31</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,570,650</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>6.05%, 10/20/36</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,442,600</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Phoenix, Arizona, IDA, Airport Facility, Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Refunding Bonds (America West Airlines Inc.</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Project), AMT:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>6.25%, 6/01/19</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,056,530</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>6.30%, 4/01/23</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,090</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,259,840</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Phoenix, Arizona, IDA, M/F Housing Revenue Bonds</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>(Summit Apartments LLC Project) (d):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>6.25%, 7/20/22</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,610</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,565,097</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>6.45%, 7/20/32</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,425</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,347,295</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>6.55%, 7/20/37</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,305</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,227,966</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pima County, Arizona, IDA, Education Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Refunding Bonds (Arizona Charter Schools</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Project II), Series A:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>6.75%, 7/01/11 (e)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>570</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>624,971</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>6.75%, 7/01/31</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>775</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>638,499</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pima County, Arizona, IDA, Revenue Bonds (Tucson</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Electric Power Company), Series A,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>6.375%, 9/01/29</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,310,300</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Salt Verde Financial Corporation, Arizona, Senior</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Gas Revenue Bonds:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>5%, 12/01/32</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,020</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,250,075</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>5%, 12/01/37</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,525</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,938,165</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Vistancia Community Facilities District, Arizona, GO:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 7/15/20</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,566,800</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 7/15/24</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,125</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,788,358</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Yavapai County, Arizona, IDA, Hospital Facility</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Revenue Bonds (Yavapai Regional Medical Center),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Series A, 6%, 8/01/33</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,900</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,008,923</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>65,274,721</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>California &#151; 11.7%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State, GO, 5%, 4/01/31 (f)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,203</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State, GO, Refunding, 5%, 6/01/32</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,335</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,203,767</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State Public Works Board, Lease</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Revenue Bonds:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Department of Corrections), Series C,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>5%, 6/01/25</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,844,940</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Department of Mental Health &#151; Coalinga State</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Hospital), Series A, 5.125%, 6/01/29</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,077,315</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State, Various Purpose, GO,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>5.25%, 11/01/25</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,599,196</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Golden State Tobacco Securitization Corporation of</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>California, Tobacco Settlement Revenue Bonds (e):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A-3, 7.875%, 6/01/13</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,450,785</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A-4, 7.80%, 6/01/13</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,774,100</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Golden State Tobacco Securitization Corporation of</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>California, Tobacco Settlement Revenue Refunding</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Bonds, Senior Series A-1, 5.125%, 6/01/47</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,090</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,814,232</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sacramento County, California, Airport System</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Revenue Bonds, AMT, Senior Series B,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>5.25%, 7/01/39 (g)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,135</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,647,569</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Santa Clara, California, Subordinated Electric</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Revenue Bonds, Series A, 5%, 7/01/22 (h)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,145</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000,734</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University of California Revenue Bonds (Multiple</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Purpose Projects), Series Q, 5%, 9/01/21 (g)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,465</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,422,599</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>56,844,440</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Colorado &#151; 6.8%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Colorado Educational and Cultural Facilities Authority,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Revenue Refunding Bonds (University of Denver</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Project), Series B, 5.25%, 3/01/16 (e)(i)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,245</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,539,192</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Colorado HFA, Revenue Refunding Bonds</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>(S/F Program), AMT, Series D-2, 6.90%, 4/01/29</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>215</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>222,652</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Colorado Health Facilities Authority, Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Refunding Bonds (Poudre Valley Health Care) (g):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.20%, 3/01/31</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,425</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,330,394</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5.25%, 3/01/36</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,840</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,594,312</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C, 5.25%, 3/01/40</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,472,600</FONT> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="24%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Portfolio Abbreviations</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="4%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="22%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="29%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left width="24%" rowSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>To simplify the listings of portfolio holdings </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>in Schedules of Investments, the names and </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>descriptions of many of the securities have </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>been abbreviated according to the list on </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the right.</FONT></TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>AMT</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Alternative Minimum Tax (subject to)</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>IDA</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Industrial Development Authority</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>CABS</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital Appreciation Bonds</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>IDR</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Industrial Development Revenue Bonds</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>COP</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Certificates of Participation</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>M/F</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Multi-Family</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>EDA</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Economic Development Authority</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>PCR</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pollution Control Revenue Bonds</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>EDR</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Economic Development Revenue Bonds</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>PILOT</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Payment in Lieu of Taxes</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>GO</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>General Obligation Bonds</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>S/F</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Single-Family</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>HDA</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Housing Development Authority</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>SIFMA</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Securities Industry and Financials Market Association</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>HFA</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Housing Finance Agency</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>VRDN</FONT></B> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Variable Rate Demand Notes</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>8&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p9">&nbsp;</A></font>
</p></P>


<A name="page_9"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued)</FONT> </TD>
     <TD width="30%">&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Fund, Inc. (MYD)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%">&nbsp; </TD>
     <TD width="30%">&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="65%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Colorado (concluded)</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Denver, Colorado, City and County Airport Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Bonds, AMT, Series D, 7.75%, 11/15/13 (f)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,080</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,525,898</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Elk Valley, Colorado, Public Improvement Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Bonds (Public Improvement Fee), Series A:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>7.10%, 9/01/14</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,105</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,077,872</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>7.35%, 9/01/31</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,065</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,364,409</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Plaza Metropolitan District Number 1, Colorado,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>Tax Allocation Revenue Bonds (Public</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Improvement Fees):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>8%, 12/01/25</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,850</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,312,960</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>8.125%, 12/01/25</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,885</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,646,397</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>33,086,686</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Connecticut &#151; 0.1%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Connecticut State Development Authority, IDR</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>(AFCO Cargo BDL-LLC Project), AMT,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT>7.35%, 4/01/10</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>250</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>245,645</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Florida &#151; 6.0.%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Greater Orlando Aviation Authority, Florida, Airport</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Facilities Revenue Bonds (JetBlue Airways Corp.),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>AMT, 6.50%, 11/15/36</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,479,900</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hillsborough County, Florida, IDA, Exempt Facilities</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Bonds (National Gypsum Company), AMT:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Series A, 7.125%, 4/01/30</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,577,465</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Series B, 7.125%, 4/01/30</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,340,700</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lee County, Florida, Revenue Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5%, 10/01/22 (f)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,705</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,571,566</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Aviation Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Refunding Bonds (Miami International Airport),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>AMT, Series A, 5.25%, 10/01/38 (j)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,150</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,917,862</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Midtown Miami, Florida, Community Development</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>District, Special Assessment Revenue Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Series B, 6.50%, 5/01/37</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,395</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,151,183</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orange County, Florida, Health Facilities Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Health Care Revenue Refunding Bonds (Orlando</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Lutheran Towers), 5.375%, 7/01/20</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,100</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>824,615</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Santa Rosa Bay Bridge Authority, Florida, Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds, 6.25%, 7/01/28</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,620</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,209,745</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>29,073,036</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Georgia &#151; 1.3%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Main Street Natural Gas, Inc., Georgia, Gas Project</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Bonds, Series A, 6.375%, 7/15/38 (a)(b)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,445</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>533,975</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Private Colleges and Universities Authority, Georgia,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Refunding Bonds (Emory University</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Project), Series C, 5%, 9/01/38</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,400</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,941,824</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,475,799</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Idaho &#151; 1.5%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Idaho Housing Agency, S/F Mortgage Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Refunding Bonds, AMT, Senior Series C-2,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>7.15%, 7/01/23</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>65</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>66,555</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Power County, Idaho, Industrial Development</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Corporation, Solid Waste Disposal Revenue Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(FMC Corporation Project), AMT, 6.45%, 8/01/32</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,324,600</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,391,155</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Illinois &#151; 1.8%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bolingbrook, Illinois, Special Services Area Number 1,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Special Tax Bonds (Forest City Project),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5.90%, 3/01/27</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>795,630</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Illinois State Finance Authority Revenue Bonds:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Friendship Village of Schaumburg), Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5.625%, 2/15/37</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,750</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,110,445</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Landing at Plymouth Place Project), Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6%, 5/15/37</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,155</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,473,912</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Monarch Landing, Inc. Project), Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>7%, 12/01/37</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,445</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,116,364</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Metropolitan Pier and Exposition Authority, Illinois,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Dedicated State Tax Revenue Bonds (McCormick</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Place Expansion), Series A, 5.50%, 6/15/23 (h)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,043,560</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,539,911</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Kansas &#151; 0.3%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lenexa, Kansas, Health Care Facility Revenue Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Lakeview Village Inc.), Series C, 6.875%,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5/15/12 </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(d)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,250</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,414,600</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Kentucky &#151; 0.8%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Kentucky Economic Development Finance Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Health System Revenue Refunding Bonds (Norton</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Healthcare, Inc.) Series A:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.625%, 10/01/10 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,350</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,554,050</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.625%, 10/01/28</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>650</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>614,328</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Kentucky Economic Development Financing Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Louisville Arena Project Revenue Bonds (Louisville</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Arena Authority, Inc.), Sub-Series A-1,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6%, 12/01/38 (j)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>755,432</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,923,810</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Louisiana &#151; 8.1%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Louisiana Local Government Environmental Facilities</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>and Community Development Authority Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds (Westlake Chemical Corporation),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.75%, 11/01/32</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,569,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Louisiana Public Facilities Authority, Hospital Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds (Franciscan Missionaries of Our Lady Health</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>System, Inc.), Series A, 5.25%, 8/15/36</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,750</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,164,088</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Louisiana Public Facilities Authority, Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Refunding Bonds (Pennington Medical Foundation</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Project), 5%, 7/01/31</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>749,540</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Louisiana State Citizens Property Insurance</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Corporation, Assessment Revenue Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Series B, 5%, 6/01/20 (f)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,513,600</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port New Orleans, Louisiana, IDR, Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Continental Grain Company Project),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.50%, 1/01/17</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,393,580</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>39,389,808</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Maryland &#151; 4.2%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Baltimore, Maryland, Convention Center Hotel</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Bonds:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Senior Series A, 5.25%, 9/01/39 (k)(l)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,625</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,220,562</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Sub</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>-Series B, 5.875%, 9/01/39</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,920</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,319,002</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Maryland State Community Development</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Administration, Department of Housing and</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Community Development, Residential Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Refunding Bonds, AMT, Series A, 4.65%, 9/01/32</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,580</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,806,103</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Maryland State Energy Financing Administration,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Limited Obligation Revenue Bonds (Cogeneration &#151;</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>AES Warrior Run), AMT, 7.40%, 9/01/19</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,560,170</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;9</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p10">&nbsp;</A></font></p></P>


<A name="page_10"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued)</FONT> </TD>
     <TD width="30%">&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Fund, Inc. (MYD)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%">&nbsp; </TD>
     <TD width="30%">&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="65%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Maryland (concluded)</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Maryland State Health and Higher Educational</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Facilities Authority, Revenue Refunding Bonds:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Peninsula Regional Medical Center),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1></FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1></FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1></FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-seri

f size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5%, 7/01/36</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,920,150</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(University of Maryland Medical System),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6%, 7/01/12 (e)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,365,560</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Maryland State Industrial Development Financing</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Authority, EDR (Our Lady of Good Counsel School),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Series A, 6%, 5/01/35</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>350,255</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Prince Georges County, Maryland, Special Obligation</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(National Harbor Project), 5.20%, 7/01/34</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000,965</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20,542,767</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Massachusetts &#151; 3.2%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State Development Finance Agency,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Human Service Provider Revenue Bonds (Seven</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Hills Foundation &amp; Affiliates), 5%, 9/01/35 (m)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,667,770</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State Development Finance Agency,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Refunding Bonds (Western New England</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>College), Series A, 5%, 9/01/33 (j)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,750</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,442,357</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State Special Obligation Dedicated</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Tax Revenue Bonds, 5.25%, 1/01/14 (e)(i)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,383,700</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,493,827</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Michigan &#151; 1.7%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Macomb County, Michigan, Hospital Finance Authority,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Hospital Revenue Bonds (Mount Clemens General</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Hospital), Series B, 5.875%, 11/15/13 (e)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,060</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,723,934</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State Hospital Finance Authority, Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Refunding Bonds (Henry Ford Health System),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Series A, 5.25%, 11/15/32</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>786,190</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State Strategic Fund, PCR, Refunding</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(General Motors Corp.), 6.20%, 9/01/20</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>800,100</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,310,224</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Minnesota &#151; 0.7%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Eden Prairie, Minnesota, M/F Housing Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds (Rolling Hills Project), Series A (d):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6%, 8/20/21</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>420</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>430,529</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.20%, 2/20/43</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,960,800</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Minneapolis, Minnesota, M/F Housing Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds (Gaar Scott Loft Project), AMT,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5.95%, 5/01/30</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>915</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>901,440</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,292,769</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Missouri &#151; 4.2%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Missouri State Highways and Transportation</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Commission, First Lien State Road Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds, Series A:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5%, 5/01/20</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,106,550</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5%, 5/01/21</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,227,700</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20,334,250</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Nebraska &#151; 0.3%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lincoln, Nebraska, Sanitation and Sewer</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Bonds:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>4.25%, 6/15/24</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>865</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>746,858</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>4.25%, 6/15/25</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>905</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>777,413</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,524,271</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Hampshire &#151; 0.7%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Hampshire Health and Education Facilities</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Authority, Revenue Refunding Bonds (Elliot Hospital),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Series B, 5.60%, 10/01/22</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,425</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,157,062</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Jersey &#151; 18.5%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Cigarette Tax Revenue Bonds,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5.50%, 6/15/24</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,435</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,064,868</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, First Mortgage Revenue Bonds:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Lions Gate Project), Series A, 5.75%, 1/01/25</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>710</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>527,189</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Lions Gate Project), Series A, 5.875%, 1/01/37</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>230</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>157,568</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(The Presbyterian Home), Series A,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.375%, 11/01/31</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,256,750</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Motor Vehicle Surcharge Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds, Series A, 5%, 7/01/29 (h)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,563,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Retirement Community Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds (Cedar Crest Village Inc. Facility), Series A,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>7.25%, 11/15/11 (e)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,400</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,866,928</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, School Facilities Construction</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Bonds, Series O, 5.25%, 3/01/23</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,825</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,862,065</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Special Facility Revenue Bonds</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Continental Airlines Inc. Project), AMT:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 9/15/19</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,905</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,560,235</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 9/15/29</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,878,360</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey Health Care Facilities Financing Authority</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Bonds (Pascack Valley Hospital</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Association) (a)(b):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 7/01/13</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,335</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>44,455</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.625%, 7/01/36</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,835</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>61,105</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Transportation Trust Fund Authority,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Transportation System Revenue Bonds:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.50%, 12/15/21</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,975</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,064,716</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.50%, 12/15/22</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,600</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,703,356</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C, 5.05%, 12/15/35 (f)(h)(n)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13,110</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,494,702</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series D, 5%, 6/15/19 (f)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,425</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,429,828</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series D, 5%, 6/15/20</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,410</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,251,630</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series D, 5%, 6/15/20 (f)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,912,220</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>89,698,975</FONT> </td>
</TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New York &#151; 12.0%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dutchess County, New York, IDA, Civic Facility</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Refunding Bonds (Saint Francis Hospital),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Series A, 7.50%, 3/01/29</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,103,398</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Metropolitan Transportation Authority, New York,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Transportation Revenue Refunding Bonds, Series F,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5%, 11/15/35</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,616,530</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, City IDA, PILOT Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds (Queens Baseball Stadium Project) (f):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 1/01/22</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,871,420</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 1/01/23</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,175</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,018,204</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, City IDA, Special Facility</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Bonds (British Airways Plc Project), AMT,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>7.625%, 12/01/32</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,250</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>903,400</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, City Transitional Finance</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Authority, Building Aid Revenue Refunding Bonds,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Series S-1, 4.50%, 1/15/38</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,970</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,528,109</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, GO, Refunding, Series A (i):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.375%, 5/15/14</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,020</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,074,091</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.375%, 5/15/15</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>95</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>100,038</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, GO, Series O, 5%, 6/01/33</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,198,675</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>10&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p11">&nbsp;</A></font>
</p></P>


<A name="page_11"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued)</FONT> </TD>
     <TD width="30%">&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Fund, Inc. (MYD)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%">&nbsp; </TD>
     <TD width="30%">&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="65%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New York (concluded)</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York State Dormitory Authority, Non-State</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Supported Debt, Revenue Refunding Bonds:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Mount Sinai Health), Series A, 6.75%,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>7/01/10 </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,145</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,403,771</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Mount Sinai-NYU Medical Center Health</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>System), Series A, 6.75%, 7/01/20</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,855</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,870,248</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York State Dormitory Authority, State Personal</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Income Tax Revenue Bonds (Education), Series F,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5%, 3/15/35</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,588,800</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Suffolk County, New York, IDA, IDR, Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Nissequogue Cogeneration Partners Facility), AMT,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5.50%, 1/01/23</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,865,575</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tobacco Settlement Financing Corporation of</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>New York Revenue Bonds, Series C-1,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5.50%, 6/01/21</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,400</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,232,304</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Triborough Bridge and Tunnel Authority, New York,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Subordinate Revenue Bonds, 5.25%, 11/15/30</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,807,800</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Westchester County, New York, IDA, Continuing Care</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Retirement, Mortgage Revenue Bonds (Kendal on</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Hudson Project), Series A:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.50%, 1/01/13 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,895</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,275,606</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.375%, 1/01/24</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,450</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,815,856</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>58,273,825</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>North Carolina &#151; 2.1%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Carolina Eastern Municipal Power Agency,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Power System Revenue Bonds, Series D,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.75%, 1/01/26</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,750</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,756,982</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Carolina HFA, Home Ownership Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds, AMT, Series 8-A, 6.20%, 7/01/16</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>145</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>143,984</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Carolina, HFA, S/F Revenue Bonds, Series II,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.20%, 3/01/16 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>570</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>593,319</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Carolina Medical Care Commission, Health</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Care Facilities, First Mortgage Revenue Bonds:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Arbor Acres Community Project),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.375%, 3/01/12 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,100,560</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Presbyterian Homes Project), 5.40%, 10/01/27</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,555,150</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,149,995</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Ohio &#151; 6.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>American Municipal Power, Inc., Ohio, Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Refunding Bonds (Prairie State Energy Campus</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Project), Series A, 5%, 2/15/38</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,885</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,999,589</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Buckeye Tobacco Settlement Financing Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Ohio, Tobacco Settlement Asset-Backed Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Series A-2, 6.50%, 6/01/47</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,460</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,114,874</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cincinnati, Ohio, City School District, GO (Classroom</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Construction and Improvement), Refunding,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5.25%, 12/01/20 (h)(i)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,059,640</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hamilton County, Ohio, Sewer System Improvement</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Bonds (The Metropolitan Sewer District</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>of Greater Cincinnati), Series B, 5%, 12/01/28 (h)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,065</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,794,478</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lucas County, Ohio, Health Care Facility Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Refunding and Improvement Bonds (Sunset</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Retirement Communities), Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.625%, 8/15/30</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,175</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,051,830</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mason, Ohio, City School District, GO (School</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Improvement), 5%, 6/01/14 (e)(g)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,372,800</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port of Greater Cincinnati Development Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Ohio, Special Assessment Revenue Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Cooperative Public Parking Infrastructure</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Project), 6.30%, 2/15/24</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>970</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>783,149</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Toledo-Lucas County, Ohio, Port Authority Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds (Saint Mary Woods Project), Series A:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6%, 5/15/24</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>750</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>562,605</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6%, 5/15/34</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,250</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,528,245</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>29,267,210</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Oregon &#151; 1.7%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Oregon State Department of Administrative Services,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>COP, Series A, 6%, 5/01/10 (d)(e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,405</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,669,961</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Oregon State, GO, Refunding (Veterans Welfare),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Series 80A, 5.70%, 10/01/32</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,280</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,306,015</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Portland, Oregon, Housing Authority, Housing</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Bonds (Pine Square and University</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Place), Series A, 5.875%, 1/01/22</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,610</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,382,427</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,358,403</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Pennsylvania &#151; 5.2%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania Economic Development Financing</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Authority, Exempt Facilities Revenue Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(National Gypsum Company), AMT, Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.25%, 11/01/27</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,270</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,196,255</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania HFA, S/F Mortgage Revenue Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds, AMT, Series 97A, 4.60%, 10/01/27</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,450</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,811,530</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania State Higher Educational Facilities</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Authority, Health Services Revenue Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Bonds (Allegheny Delaware Valley Obligation),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Series C, 5.875%, 11/15/16 (g)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,270</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13,088,239</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Authority for IDR,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Commercial Development, 7.75%, 12/01/17</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,265</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,198,018</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sayre, Pennsylvania, Health Care Facilities Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Bonds (Guthrie Healthcare System),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Series B, 7.125%, 12/01/11 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,935,350</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>25,229,392</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Rhode Island &#151; 1.3%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Central Falls, Rhode Island, Detention Facility</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Corporation, Revenue Refunding Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>7.25%, 7/15/35</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,240</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,624,479</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Woonsocket, Rhode Island, GO (g)(h):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>&nbsp;&nbsp;&nbsp;</FONT></FONT>6%, 10/01/17</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,225</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,260,929</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT>6%, 10/01/18</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,195</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,226,070</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,111,478</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>South Dakota &#151; 0.8%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>South Dakota State Health and Educational Facilities</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Authority Revenue Bonds (Sanford Health),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>5%, 11/01/40</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,210</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,107,929</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Tennessee &#151; 0.7%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hardeman County, Tennessee, Correctional Facilities</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Corporation Revenue Bonds, 7.75%, 8/01/17</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,775</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,501,161</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Texas &#151; 14.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Alliance Airport Authority, Inc., Texas, Special Facilities</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Revenue Refunding Bonds (American Airlines Inc.</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>Project), AMT, 5.75%, 12/01/29</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,225,175</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Austin, Texas, Convention Center Revenue Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>(Convention Enterprises Inc.), First Tier, Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></FONT>6.70%, 1/01/11 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,381,750</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;11</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p12">&nbsp;</A></font></p></P>


<A name="page_12"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued)</FONT> </TD>
     <TD width="30%">&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Fund, Inc. (MYD)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%">&nbsp; </TD>
     <TD width="30%">&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Texas (concluded)</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bexar County, Texas, Housing Finance Corporation,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;M/F Housing Revenue Bonds (Water at Northern</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Hills Apartments), Series A (g):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.80%, 8/01/21</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,300</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,079,273</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 8/01/31</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,460</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,922,392</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.05%, 8/01/36</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>765,840</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dallas-Fort Worth, Texas, International Airport Facility</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Improvement Corporation, Revenue Refunding</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds (American Airlines, Inc.), AMT,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.50%, 11/01/30</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,375,500</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gregg County, Texas, Health Facilities Development</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Corporation, Hospital Revenue Bonds (Good</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Shepherd Medical Center Project) (e)(m):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.375%, 10/01/10</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,165,920</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.875%, 10/01/10</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,276,510</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Guadalupe-Blanco River Authority, Texas, Sewage and</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Solid Waste Disposal Facility Revenue Bonds</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(E. I. du Pont de Nemours and Company Project),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;AMT, 6.40%, 4/01/26</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,978,900</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gulf Coast, Texas, IDA, Solid Waste Disposal Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds (Citgo Petroleum Corporation Project), AMT,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;7.50%, 5/01/25</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,900</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,729,297</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Houston, Texas, Airport System, Special Facilities</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds (Continental Airlines), AMT, Series E:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.375%, 7/01/22</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,135,035</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7%, 7/01/29</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,875,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Houston, Texas, Industrial Development Corporation</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds (Air Cargo), AMT, 6.375%, 1/01/23</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,595</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,355,271</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lower Colorado River Authority, Texas, PCR (Samsung</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Austin Semiconductor), AMT:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.375%, 4/01/27</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,830</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,844,970</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.95%, 4/01/30</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,330</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,853,510</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Texas Tollway Authority, System Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds, Second Tier, Series F,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;6.125%, 1/01/31</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,140</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,181,304</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>San Antonio Energy Acquisition Public Facilities</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Corporation, Texas, Gas Supply Revenue Bonds:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 8/01/23</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,955</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,156,437</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 8/01/25</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,365</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,678,848</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Texas State Turnpike Authority, Central Texas Turnpike</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;System Revenue Bonds, First Tier, Series A,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.50%, 8/15/39 (e)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,685,355</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>67,666,287</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Virginia &#151; 6.3%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>James City County, Virginia, EDA, Residential Care</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Facility, First Mortgage Revenue Refunding Bonds</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Williamsburg Landing, Inc.), Series A:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.35%, 9/01/26</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,083,570</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 9/01/34</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,359,180</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Virginia State, HDA, Commonwealth Mortgage</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, Series H, Sub-Series H-1,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.375%, 7/01/36 (g):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>30,930</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,608,737</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Winchester, Virginia, IDA, Residential Care Facilities,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds (Westminster-Canterbury),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A, 5.20%, 1/01/27</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>714,350</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>30,765,837</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Washington &#151; 0.4%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Vancouver, Washington, Housing Authority, Housing</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds (Teal Pointe Apartments</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Project), AMT:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%, 9/01/22</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>945</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>796,115</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 9/01/32</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,250</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>966,413</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,762,528</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Wisconsin &#151; 1.5%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Milwaukee, Wisconsin, Revenue Bonds (Air Cargo),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;AMT, 6.50%, 1/01/25</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>685</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>582,435</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Wisconsin State, GO, AMT, Series B, 6.20%,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;11/01/26 </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(g)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>415</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>420,632</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Wisconsin State Health and Educational Facilities</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Authority, Revenue Refunding Bonds (Franciscan</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Sisters Healthcare), 5%, 9/01/26</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,925</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,031,559</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,034,626</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Wyoming &#151; 0.8%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Wyoming Community Development Authority, Housing</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, AMT, Series 3, 4.75%, 12/01/37</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,315</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,617,974</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Puerto Rico &#151; 2.2%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Commonwealth Highway and</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Transportation Authority, Transportation Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds, Series N, 5.25%, 7/01/34 (i)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,610</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,104,606</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Electric Power Authority, Power Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds, Series UU, 5%, 7/01/23 (f)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,100</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,636,654</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,741,260</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>U.S. Virgin Islands &#151; 1.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Virgin Islands Public Finance Authority, Refinery</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Facilities Revenue Bonds (Hovensa Refinery),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;AMT, 6.125%, 7/01/22</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,250</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,922,250</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds &#151; 143.4%</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>695,229,018</FONT> </TD></TR>
<TR>
     <TD width="100%" colSpan=11><FONT size=1>&nbsp; </FONT></TD></TR>
<TR>
     <TD width="100%" bgColor=#7791bf colSpan=11><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=11><FONT size=1>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds Transferred to</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts (o)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Alabama &#151; 0.8%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Birmingham, Alabama, Special Care Facilities</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Financing Authority, Revenue Refunding Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Ascension Health Credit), Series C-2,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 11/15/36</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,538</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,724,823</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Colorado &#151; 2.3%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Colorado Health Facilities Authority Revenue Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Catholic Health) (g):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C-3, 5.10%, 10/01/41</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,490</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,613,970</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C-7, 5%, 9/01/36</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,248,288</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,862,258</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Connecticut &#151; 3.5%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Connecticut State Health and Educational Facilities</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Authority Revenue Bonds (Yale University):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series T-1, 4.70%, 7/01/29</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,130</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,513,725</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series X-3, 4.85%, 7/01/37</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,270</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,477,230</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,990,955</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>North Carolina &#151; 3.6%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Carolina Capital Facilities Finance Agency,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Refunding Bonds (Duke University</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Project), Series A, 5%, 10/01/41</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,898</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17,439,550</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>12&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p13">&nbsp;</A></font>
</p></P>


<A name="page_13"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (concluded)</FONT> </TD>
     <TD width="30%">&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Fund, Inc. (MYD)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%">&nbsp; </TD>
     <TD width="30%">&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds Transferred to</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts (o)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Tennessee &#151; 2.0%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Shelby County, Tennessee, Health, Educational and</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Housing Facility Board, Hospital Revenue Refunding</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds (Saint Jude Children&#146;s Research Hospital),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 7/01/31</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,240</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,881,533</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>South Carolina &#151; 3.4%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Charleston Educational Excellence Financing</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Corporation, South Carolina, Revenue Bonds</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Charleston County School District) (j):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 12/01/28</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,795</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,559,435</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 12/01/29</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,920</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,630,398</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 12/01/30</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,510</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,375,012</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,564,845</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Virginia &#151; 3.3%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University of Virginia, Revenue Refunding Bonds,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 6/01/40</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,620</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,025,068</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Virginia State, HDA, Commonwealth Mortgage</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, Series H, Sub-Series H-1,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.35%, 7/01/31 (h)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,720</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,097,190</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,122,258</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Washington &#151; 1.0%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Central Puget Sound Regional Transportation</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Authority, Washington, Sales and Use Tax Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series A, 5%, 11/01/32 (g)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,384</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,933,676</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds Transferred to</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts &#151; 19.9%</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>96,519,898</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="83%" colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Long-Term Investments &#151; (Cost &#151; $918,838,722) &#151; 163.3%</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>791,748,916</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=11><FONT size=1>&nbsp; </FONT></TD></TR>
<TR>
     <TD width="100%" bgColor=#7791bf colSpan=11><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=11><FONT size=1>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Short-Term Securities</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Shares</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="10%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Merrill Lynch Institutional Tax-Exempt Fund,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;1.63% (p)(q)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,457,277</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,457,277</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="83%" colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Short-Term Securities (Cost &#151; $7,457,277) &#151; 1.5%</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,457,277</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%" colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Investments (Cost &#151; $926,295,999*) &#151; 164.8%</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>799,206,193</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Other Assets Less Liabilities &#151; 2.6%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,767,825</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Liability for Trust Certificates, Including Interest</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Expense and Fees Payable &#151; (11.3)%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(55,083,385</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares, at Redemption Value &#151; (56.1)%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(271,946,089</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%" colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>484,944,544</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: #000000 1pt dotted" align=left width="100%" colSpan=11>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT style="WIDTH: 22pt" face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>*</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="85%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate cost</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>869,962,519</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="85%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized appreciation</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,769,101</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="85%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized depreciation</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(135,197,503</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="85%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized depreciation</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(125,428,402</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT style="WIDTH: 22pt" face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(a)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Non-income producing security.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(b)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Issuer filed for bankruptcy or is in default of interest payments.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(c)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>FHA Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(d)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>GNMA Collateralized.</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT style="WIDTH: 22pt" face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(e)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(f)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMBAC Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(g)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>FSA Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(h)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MBIA Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(i)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>FGIC Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(j)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Assured Guaranty Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(k)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>XL Capital Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(l)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BHAC Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(m)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Radian Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(n)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Represents a zero-coupon bond. Rate shown reflects the effective yield at the time of purchase.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(o)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(p)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Represents the current yield as of report date.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(q)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="43%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="5%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="3%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="43%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Affiliate</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Activity</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Income</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Merrill Lynch Institutional Tax-Exempt Fund</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,555,904</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>322,754</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;13</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p14">&nbsp;</A></font></p></P>


<A name="page_14"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>October 31, 2008</FONT> </TD>
     <TD width="24%">&nbsp; </TD>
     <TD noWrap align=right width="31%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund, Inc. (MQY)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%">&nbsp; </TD>
     <TD width="24%">&nbsp; </TD>
     <TD noWrap align=right width="31%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Alabama &#151; 0.7%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jefferson County, Alabama, Limited Obligation</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;School Warrants, Series A, 4.75%, 1/01/25</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,330,850</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Arizona &#151; 0.5%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Salt Verde Financial Corporation, Arizona, Senior Gas</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, 5%, 12/01/32</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,970</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,852,567</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>California &#151; 18.7%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Alameda Corridor Transportation Authority, California,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Capital Appreciation Revenue Refunding Bonds,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Subordinate Lien, Series A, 5.45%, 10/01/25 (a)(b)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,150</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,318,382</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Arcadia, California, Unified School District, GO</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Election of 2006), CABS, Series A,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;4.96%, 8/01/39 (c)(d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>295,790</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cabrillo, California, Community College District, GO</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Election of 2004), Series B (d)(e):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 8/01/37</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,250</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>496,372</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87%, 8/01/38</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,405</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,057,286</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State, GO, 5.50%, 4/01/28</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,900</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State, GO, Refunding:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.125%, 6/01/27</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>30</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>28,333</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 2/01/33 (f)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,700</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,308,068</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State University, Systemwide Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series A, 5%, 11/01/35 (e)(g)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,450</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,080,091</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State, Various Purpose, GO,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.50%, 11/01/33</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,450</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,359,864</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chino Valley, California, Unified School District, GO</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Election of 2002), Series C, 5.25%, 8/01/30 (e)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,151,820</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Coast Community College District, California, GO,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding (Election of 2002), Series C,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.45%, 8/01/13 (b)(c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,938,664</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>East Side Union High School District, California,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Santa Clara County, GO (Election of 2002), Series D,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 8/01/26 (h)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,150</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,994,469</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fresno, California, Unified School District, GO</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Election of 2001), Series E, 5%, 8/01/30 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,230</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,143,592</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Golden State Tobacco Securitization Corporation of</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;California, Tobacco Settlement Revenue Bonds,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series B, 5.50%, 6/01/13 (h)(i)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,760,900</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Los Angeles, California, Municipal Improvement</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Corporation, Lease Revenue Bonds, Series B1,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;4.75%, 8/01/37 (g)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,210</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,607,034</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Metropolitan Water District of Southern California,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Waterworks Revenue Bonds, Series B-1 (e)(g):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 10/01/29</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,820,040</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 10/01/36</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,275</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,098,961</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mount Diablo, California, Unified School District, GO</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Election of 2002), 5%, 7/01/27 (b)(g)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,844,580</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orange County, California, Sanitation District, COP:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 2/01/33 (e)(g)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,750</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,468,538</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5%, 2/01/30 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,228,400</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5%, 2/01/31 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,097,556</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Poway, California, Redevelopment Agency, Tax</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Allocation Refunding Bonds (Paguay Redevelopment</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Project), 5.125%, 6/15/33 (a)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,699,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sacramento, California, Unified School District, GO</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Election of 2002), 5%, 7/01/30 (e)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,312,900</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>San Jose, California, Airport Revenue Refunding</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, AMT, Series A, 5.50%, 3/01/32 (a)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,242,472</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>San Jose, California, Unified School District, Santa</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Clara County, GO (Election of 2002), Series B,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 8/01/29 (e)(g)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,825</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,624,849</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>San Mateo County, California, Community College</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;District, GO (Election of 2001), Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 9/01/26 (e)(g)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,725</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,604,010</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Ventura County, California, Community College District,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;GO </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Election of 2002), Series B, 5%, 8/01/30 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,150</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,865,870</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>66,452,741</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Colorado &#151; 1.2%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Colorado Health Facilities Authority Revenue Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Covenant Retirement Communities Inc.), Series A (f):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/27</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,600</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,327,280</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/33</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>900</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>703,656</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>E-470 Public Highway Authority, Colorado, Capital</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Appreciation Revenue Refunding Bonds, Series B,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.485%, 9/01/29 (d)(e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,112,210</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,143,146</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>District of Columbia &#151; 0.7%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>District of Columbia, Revenue Refunding Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Catholic University of America) (a):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 10/01/09 (i)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,930</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,017,583</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 10/01/29</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>570</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>565,468</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,583,051</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Florida &#151; 5.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Beacon Tradeport Community Development District,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Florida, Special Assessment Revenue Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds (Commercial Project), Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.625%, 5/01/32 (f)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,235</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,910,478</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Duval County, Florida, School Board, COP (Master</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Lease Program), 5%, 7/01/33 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,100</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,706,889</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Florida State Department of Environmental Protection,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Preservation Revenue Bonds, Series B, 5%,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;7/01/27 </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,545</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,344,479</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Aviation Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds (Miami International Airport), AMT:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%, 10/01/40 (h)(j)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,893,422</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5%, 10/01/38 (k)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,134,770</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami, Florida, Special Obligation Revenue Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Street and Sidewalk Improvement Program),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 1/01/37 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,100</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>926,409</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orange County, Florida, Sales Tax Revenue Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series B, 5.125%, 1/01/32 (e)(g)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,978,284</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17,894,731</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Georgia &#151; 3.6%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Atlanta, Georgia, Airport Passenger Facility Charge and</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Subordinate Lien General Revenue Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series C, 5%, 1/01/33 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,171,910</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Atlanta, Georgia, Water and Wastewater</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%, 11/01/34 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,270</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,788,130</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5%, 11/01/33 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,031,784</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5%, 11/01/39 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,525</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,194,679</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Augusta, Georgia, Water and Sewer Revenue Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.25%, 10/01/39 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,820</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,756,606</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,943,109</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>14&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p15">&nbsp;</A></font>
</p></P>


<A name="page_15"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued)</FONT> </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=right width="31%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund, Inc. (MQY)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%">&nbsp; </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=right width="31%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="65%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD align=center width="14%" colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Hawaii &#151; 0.6%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hawaii State, GO, Series CX, 5.50%, 2/01/21 (c)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,027,700</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Illinois &#151; 23.9%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chicago, Illinois, O&#146;Hare International Airport, General</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Airport Revenue Bonds, Third Lien, AMT, Series B-2:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/01/23 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,400</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,058,232</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/01/24 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,578,080</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%, 1/01/29 (h)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,300</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,916,771</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chicago, Illinois, O&#146;Hare International Airport, General</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Airport Revenue Refunding Bonds, Third Lien, AMT:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.75%, 1/01/21 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13,665</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,467,673</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 1/01/22 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,408,150</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.375%, 1/01/32 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,999,125</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.75%, 1/01/21 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,665</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,450,094</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chicago, Illinois, Water Revenue Refunding Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Second Lien, 5.25%, 11/01/33 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,664,935</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cook County, Illinois, Capital Improvement, GO,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series C, 5.50%, 11/15/12 (a)(i)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,080</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,529,377</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Illinois Sports Facilities Authority, State Tax Supported</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, 5.212%, 6/15/30 (a)(b)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>28,525</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>23,968,131</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Metropolitan Pier and Exposition Authority, Illinois,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Dedicated State Tax Revenue Refunding Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(McCormick Place Expansion Project), 5.50%,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;12/15/24 </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(e)(g)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,063,350</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>85,103,918</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Indiana &#151; 1.7%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Indianapolis, Indiana, Local Public Improvement Bond</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bank, Revenue Refunding Bonds (Indianapolis</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Airport Authority Project), AMT, Series B (e):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 1/01/28</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,470</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,010,703</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 1/01/30</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,055</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,033,486</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,044,189</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Louisiana &#151; 3.8%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Louisiana Local Government Environmental Facilities</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;and Community Development Authority, Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds (Capital Projects and Equipment Acquisition</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Program), Series A, 6.30%, 7/01/30 (a)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,100</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,424,454</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Louisiana State Gas and Fuels Tax Revenue Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A, 4.75%, 5/01/39 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,050</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,689,914</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Louisiana State Transportation Authority, Senior Lien</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Toll Revenue Capital Appreciation Bonds, Series B,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.31%, 12/01/27 (a)(d)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,675</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,329,243</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Rapides Financing Authority, Louisiana, Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Cleco Power LLC Project), AMT, 4.70%,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;11/01/36 </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(a)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>540,992</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Terrebonne Parish, Louisiana, Hospital Service District</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Number 1, Hospital Revenue Bonds (Terrebonne</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;General Medical Center Project), 5.50%, 4/01/33 (a)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,487,880</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13,472,483</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Maryland &#151; 1.3%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Baltimore, Maryland, Convention Center Hotel Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Senior Series A, 5.25%, 9/01/39 (h)(l)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,810</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,464,161</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Massachusetts &#151; 3.3%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts Bay Transportation Authority, Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds (General Transportation System),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A, 7%, 3/01/14 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,550</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,961,055</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State, HFA, Rental Housing Mortgage</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, AMT, Series C, 5.60%, 1/01/45 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,162,680</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State, HFA, S/F Housing Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, AMT, Series 128, 4.80%, 12/01/27 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,686,806</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State Port Authority, Special Facilities</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds (Delta Air Lines Inc. Project), AMT,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A, 5.50%, 1/01/19 (a)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,825</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,022,018</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,832,559</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Michigan &#151; 5.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Detroit, Michigan, Sewage Disposal System, Second</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Lien Revenue Bonds, Series B, 5%, 7/01/36 (e)(g)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,650</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,921,159</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Detroit, Michigan, Sewage Disposal System, Second</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Lien Revenue Refunding Bonds, Series E, 5.75%,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;7/01/31 </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(g)(l)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,300</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,306,963</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan Higher Education Student Loan Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Student Loan Revenue Refunding Bonds, AMT,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series XVII-G, 5.20%, 9/01/20 (a)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,140</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,844,744</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State Strategic Fund, Limited Obligation</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Refunding Bonds (Detroit Edison Company</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Pollution Control Project), AMT (h):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.50%, 6/01/30</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,700</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,393,694</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C, 5.65%, 9/01/29</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,300</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,805,429</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C, 5.45%, 12/15/32</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,631,184</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17,903,173</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Minnesota &#151; 1.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dakota County, Minnesota, Community Development</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Agency, S/F Mortgage Revenue Bonds (Mortgage-</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Backed Securities Program), Series B, 5.15%,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;12/01/38 (m)</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(n)(o)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,041</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,469,989</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Nebraska &#151; 0.6%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Washington County, Nebraska, Wastewater Facilities</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds (Cargill Inc. Project), AMT,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.90%, 11/01/27</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,300</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,118,231</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Nevada &#151; 10.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Carson City, Nevada, Hospital Revenue Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Carson-Tahoe Hospital Project), Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.50%, 9/01/33 (f)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,100</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,159,296</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Clark County, Nevada, Airport System Subordinate</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Lien Revenue Bonds, Series A-2 (e)(g):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%, 7/01/30</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,730,800</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%, 7/01/36</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,100</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,822,440</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Clark County, Nevada, IDR (Southwest Gas Corp.</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Project), AMT (g):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 4.75%, 9/01/36</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,300</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,325,168</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series D, 5.25%, 3/01/38 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,539,600</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Washoe County, Nevada, School District, GO,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.875%, 12/01/09 (c)(i)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,710</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,964,894</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>35,542,198</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Hampshire &#151; 1.3%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Hampshire State Business Finance Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;PCR, Refunding (Public Service Company), AMT,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series D, 6%, 5/01/21 (e)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,657,600</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;15</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p16">&nbsp;</A></font></p></P>


<A name="page_16"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued)</FONT> </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=right width="31%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund, Inc. (MQY)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%">&nbsp; </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=right width="31%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="65%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Jersey &#151; 8.5%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Cigarette Tax Revenue Bonds (f):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/15/29</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>710</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>551,031</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/15/31</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,285</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>947,148</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Motor Vehicle Surcharge Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series A, 5.25%, 7/01/31 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20,165</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,114,807</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, School Facilities Construction</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, Series O:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 3/01/28</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,660</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,563,415</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 3/01/30</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,103,700</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>30,280,101</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New York &#151; 8.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Metropolitan Transportation Authority, New York,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Transportation Revenue Bonds, Series A, 5%,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;11/15/32 </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(g)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,990</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,750,998</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, City Municipal Water Finance</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Authority, Water and Sewer System Revenue Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A, 5.75%, 6/15/40</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,491,850</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, GO, Series B (e):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 8/01/10 (i)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,965</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,798,961</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 8/01/16</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,880</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,973,060</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tobacco Settlement Financing Corporation of New York</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, Series A-1, 5.25%, 6/01/22 (a)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,570</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,403,103</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>28,417,972</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Ohio &#151; 0.6%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jackson, Ohio, Hospital Facilities Revenue Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Consolidated Health System &#151; Jackson Hospital),</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;6.125%, 10/01/09 (f)(i)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,098,300</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Oklahoma &#151; 0.5%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tulsa, Oklahoma, Airports Improvement Trust, General</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds (Tulsa International Airport), AMT,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series B (e)(g):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%, 6/01/19</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>948,260</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 6/01/26</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>907,240</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,855,500</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Pennsylvania &#151; 0.5%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania HFA, S/F Mortgage Revenue Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, AMT, Series 99A, 5.25%, 10/01/32</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,586,620</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>South Carolina &#151; 1.9%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Berkeley County, South Carolina, School District,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Installment Lease Revenue Bonds (Securing Assets</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;for Education Project), 5.125%, 12/01/30</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,750</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,351,150</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Kershaw County, South Carolina, Public Schools</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Foundation, Installment Power Revenue Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, 5%, 12/01/29 (k)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,630,610</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>South Carolina State Public Service Authority, Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds, Series A, 5.50%, 1/01/38</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>700</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>667,730</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,649,490</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Tennessee &#151; 2.2%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Memphis-Shelby County, Tennessee, Airport Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Airport Revenue Bonds, AMT, Series D, 6.25%,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;3/01/18 </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(a)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,970,550</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tennessee Energy Acquisition Corporation, Gas</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, Series A, 5.25%, 9/01/26</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,035</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,835,596</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,806,146</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Texas &#151; 19.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bell County, Texas, Health Facilities Development</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds (Lutheran General Health Care</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;System), 6.50%, 7/01/19 (p)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,129,460</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Clear Creek, Texas, Independent School District, GO,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding, 5%, 2/15/33</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,900</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,521,751</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dallas-Fort Worth, Texas, International Airport, Joint</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, AMT, Series B, 6%, 11/01/23 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>727,120</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dallas-Fort Worth, Texas, International Airport Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding and Improvement Bonds, AMT,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A (e)(g):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 11/01/17</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,835</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,756,334</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 11/01/18</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,145</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,024,687</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 11/01/19</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,385</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,222,510</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gregg County, Texas, Health Facilities Development</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Corporation, Hospital Revenue Bonds (Good</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Shepherd Medical Center Project) (f)(i):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 10/01/10</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,600</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,815,696</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 10/01/10</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,276,510</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Harris County-Houston Sports Authority, Texas,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Refunding Bonds, Senior Lien, Series G,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.75%, 11/15/20 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,954,800</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lewisville, Texas, Independent School District, Capital</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Appreciation and School Building, GO, Refunding,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;4.748%, 8/15/24 (d)(e)(g)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,150</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,315,659</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mansfield, Texas, Independent School District, GO,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 2/15/33</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,300</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,152,547</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Harris County, Texas, Regional Water Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Senior Lien Revenue Bonds, 5.125%, 12/15/35 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,150</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,179,888</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Texas Tollway Authority, System Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds, First Tier:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/01/40 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,300</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,411,817</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6%, 1/01/25</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>850</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>834,411</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Texas State Affordable Housing Corporation,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;S/F Mortgage Revenue Bonds (Professional</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Educators Home Loan Program), AMT, Series A-1,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.50%, 12/01/39 (m)(n)(o)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,061</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,782,744</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Texas State Turnpike Authority, Central Texas Turnpike</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;System Revenue Bonds, First Tier, Series A (a):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 8/15/38</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,588,792</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%, 8/15/42</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,006,100</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Travis County, Texas, Health Facilities Development</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Corporation, Revenue Refunding Bonds (Ascension</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Health Credit), Series A, 6.25%, 11/15/09 (e)(i)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,600</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,789,060</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>67,489,886</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Utah &#151; 4.6%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Salt Lake City, Utah, Hospital Revenue Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds (IHC Hospitals Inc.), 6.30%, 2/15/15 (e)(p)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,371,150</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Vermont &#151; 0.5%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Vermont HFA, Revenue Refunding Bonds, AMT,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series C, 5.50%, 11/01/38 (c)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,590,460</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Virginia &#151; 0.7%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Halifax County, Virginia, IDA, Exempt Facility Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds (Old Dominion Electric Cooperative</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Project), AMT, 5.625%, 6/01/28 (a)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,900</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,480,979</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>16&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p17">&nbsp;</A></font>
</p></P>


<A name="page_17"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued)</FONT> </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=right width="31%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund, Inc. (MQY)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%">&nbsp; </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=right width="31%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Washington &#151; 2.5%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>King County, Washington, Sewer, GO, 5%,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;1/01/35 </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(e)(g)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>100</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>90,282</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port of Tacoma, Washington, Revenue Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series A, 5.25%, 12/01/14 (a)(i)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,400</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,621,808</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tacoma, Washington, Regional Water Supply System,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Water Revenue Bonds, 5%, 12/01/32 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,100</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,635,237</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Washington State, GO, Series A and AT-6, 6.25%,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;2/01/11 </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,565</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,620,855</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,968,182</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds &#151; 132.4%</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>470,431,182</FONT> </TD></TR>
<TR>
     <TD width="100%" colSpan=11><FONT size=1>&nbsp; </FONT></TD></TR>
<TR>
     <TD width="100%" bgColor=#7791bf colSpan=11><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=11><FONT size=1>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds Transferred to</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts (q)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Alabama &#151; 1.81%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University of Alabama, General Revenue Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A, 5%, 7/01/34 (e)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,275</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,546,991</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>California &#151; 8.8%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Anaheim, California, Public Financing Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Electric System Distribution Facilities Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series A, 5%, 10/01/31 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,244</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,132,089</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Golden State Tobacco Securitization Corporation of</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;California, Tobacco Settlement Revenue Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series B, 5.625%, 6/01/38 (k)(l)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14,160</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,311,350</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>San Diego County, California, Water Authority, Water</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Refunding Bonds, COP, Series A:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%, 5/01/32 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,003</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,368,736</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%, 5/01/33 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,170</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,708,009</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tamalpais, California, Union High School District, GO</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Election of 2001), 5%, 8/01/28 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,950</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,794,780</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>31,314,964</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Florida &#151; 2.9%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, School Board, COP,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series B, 5.25%, 5/1/27</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,350</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,460,501</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Georgia &#151; 3.9%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Atlanta, Georgia, Airport Passenger Facility Charge and</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Subordinate Lien General Revenue Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series C, 5%, 1/01/33 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,062,600</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Augusta, Georgia, Water and Sewer Revenue Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.25%, 10/01/34 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,902,600</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13,965,200</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Illinois &#151; 2.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Metropolitan Pier and Exposition Authority, Illinois,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Dedicated State Tax Revenue Refunding Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(McCormick Place Expansion Project), Series B,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.75%, 6/15/23 (e)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,499</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,582,121</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chicago, Illinois, Water Revenue Refunding Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Second Lien, 5.25%, 11/01/33 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,929</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,616,187</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,198,308</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Massachusetts &#151; 4.4%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State School Building Authority,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Dedicated Sales Tax Revenue Bonds, Series A,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 8/15/30 (c)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,500</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,638,607</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Hampshire &#151; 2.8%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Hampshire Health and Education Facilities</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Authority Revenue Bonds (Dartmouth-Hitchcock</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Obligation Group), 5.50%, 8/1/27 (c)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,999</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,826,161</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Jersey &#151; 3.4%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Cigarette Tax Revenue Bonds (m):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/15/24</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,150</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,612,749</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/15/31</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,411,580</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,024,329</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New York &#151; 3.2%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Erie County, New York, IDA, School Facility Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds (City of Buffalo Project), Series A, 5.75%,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5/01/28 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,007</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,019,570</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York State Thruway Authority, General Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds, Series G, 5%, 1/01/32 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,336,400</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,355,970</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Texas &#151; 1.3%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%" colSpan=6><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cypress-Fairbanks, Texas, Independent School District,</FONT> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;GO, 5%, 02/15/32</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,750</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,493,548</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Virginia &#151; 0.8%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Virginia State, HDA, Commonwealth Mortgage</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, Series H, Sub-Series H-1,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.35%, 7/01/31 (e)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,195</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,898,887</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Washington &#151; 0.6%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%" colSpan=6><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Central Puget Sound Regional Transportation Authority,</FONT> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Washington, Sales and Use Tax Revenue Bonds,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A, 5%, 11/01/32 (c)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,504</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,295,053</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds Transferred to</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts &#151; 35.9%</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>128,018,519</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="83%" colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Long-Term Investments (Cost &#151; $668,791,565) &#151; 168.3%</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>598,449,701</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=11><FONT size=1>&nbsp; </FONT></TD></TR>
<TR>
     <TD width="100%" bgColor=#7791bf colSpan=11><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=11><FONT size=1>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Short-Term Securities</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Shares</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="10%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Merrill Lynch Institutional Tax-Exempt Fund,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;1.63% (r)(s)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14,064,656</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14,064,656</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="83%" colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Short-Term Securities (Cost &#151; $14,064,656) &#151; 4.0%</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14,064,656</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%" colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Investments (Cost &#151; $682,856,221*) &#151; 172.3%</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>612,514,357</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Other Assets Less Liabilities &#151; 2.6%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,121,699</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Liability for Trust Certificates, Including Interest</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Expense and Fees Payable &#151; (20.8)%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(73,912,591</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%" colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares, at Redemption Value &#151; (54.1)%</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(192,264,282</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%" colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>355,459,183</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;17</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p18">&nbsp;</A></font></p></P>


<A name="page_18"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (concluded)</FONT> </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=right width="31%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund, Inc. (MQY)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT style="WIDTH: 22pt" face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>*</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="85%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate cost</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>610,000,630</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="85%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized appreciation</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,401,950</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="85%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized depreciation</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(76,149,056</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="85%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized depreciation</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(70,747,106</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT style="WIDTH: 22pt" face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(a)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMBAC Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(b)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Represents a step bond. Rate shown reflects the effective yield at the time of purchase.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(c)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>FSA Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(d)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Represents a zero-coupon bond. Rate shown reflects the effective yield at the time of purchase.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(e)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MBIA Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(f)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Radian Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(g)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>FGIC Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(h)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>XL Capital Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(i)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(j)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Assured Guaranty Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(k)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>CIFG Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(l)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BHAC Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(m)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>FNMA Collateralized.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(n)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>GNMA Collateralized.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(o)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>FHLMC Collateralized.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(p)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Security is collateralized by Municipal or U.S. Treasury Obligations.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(q)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(r)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="44%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="14%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="5%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="3%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Affiliate</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Activity</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="19%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Income</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Merrill Lynch Institutional Tax-Exempt Fund</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13,056,985</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="11%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>315,662</FONT> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT style="WIDTH: 22pt" face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(s)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Represents the current yield as of report date.</FONT></TD></TR></TABLE>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>18&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p19">&nbsp;</A></font>
</p></P>


<A name="page_19"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>October 31, 2008</FONT> </TD>
     <TD width="23%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund II, Inc. (MQT)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%">&nbsp; </TD>
     <TD width="23%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="65%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Alabama &#151; 0.7%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jefferson County, Alabama, Limited Obligation</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;School Warrants, Series A, 4.75%, 1/01/25</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,553,900</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Arizona &#151; 2.0%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Salt Verde Financial Corporation, Arizona, Senior Gas</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, 5%, 12/01/37</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,500</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,515,075</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>California &#151; 25.1%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Alameda Corridor Transportation Authority, California,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Capital Appreciation Revenue Refunding Bonds,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Subordinate Lien, Series A, 5.33%, 10/01/25 (a)(b)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,150</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,717,212</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Antelope Valley, California, Community College</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;District, GO (Election of 2004), Series B,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.25%, 8/01/39 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>550</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>512,963</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Arcadia, California, Unified School District, GO</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Election of 2006), CABS, Series A,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;4.96%, 8/01/39 (d)(e)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,400</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>188,230</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cabrillo, California, Community College District, GO</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Election of 2004), Series B (c)(e):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 8/01/37</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,100</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>320,733</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87%, 8/01/38</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>685,344</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California Health Facilities Financing Authority</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds (Kaiser Permanente), Series A,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.50%, 6/01/22 (d)(f)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,107,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State, GO, Refunding:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 6/01/27</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,888</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 2/01/33 (g)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,900</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,631,836</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State University, Systemwide Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series A, 5%, 11/01/35 (c)(h)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,071,336</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State, Various Purpose, GO,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.50%, 11/01/33</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,260,865</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Coast Community College District, California, GO,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding (Election of 2002), Series C,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.45%, 8/01/13 (b)(d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,246,284</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>East Side Union High School District, California,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Santa Clara County, Capital Appreciation, GO</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Election of 2002), Series E, 5.15%, 8/01/29 (e)(i)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,876,900</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>East Side Union High School District, California,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Santa Clara County, GO (Election of 2002),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series D, 5%, 8/01/26 (i)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,020</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>946,213</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fairfield-Suisun, California, Unified School District,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;GO </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Election of 2002), 5.50%, 8/01/28 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,770</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,746,677</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fresno, California, Unified School District, GO</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Election of 2001), Series E, 5%, 8/01/30 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>743,800</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>John Swett Unified School District, California, GO,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A, 5.50%, 8/01/26 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,815</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,817,562</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Metropolitan Water District of Southern California,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Waterworks Revenue Bonds, Series B-1 (c)(h):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%, 10/01/29</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,600</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,483,026</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%, 10/01/36</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,475</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,360,864</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Monterey Peninsula Community College District,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;California, GO, CABS, Series C,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.08%, 8/01/28 (d)(e)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,975</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,470,115</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orange County, California, Sanitation District, COP,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 2/01/33 (c)(h)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,300</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,064,595</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Palm Springs, California, Financing Authority, Lease</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Refunding Bonds (Convention Center</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Project), Series A, 5.50%, 11/01/29 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,900</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,867,984</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Poway, California, Redevelopment Agency, Tax</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Allocation Refunding Bonds (Paguay</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Redevelopment Project), 5.125%, 6/15/33 (a)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,250</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,061,875</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sacramento, California, Municipal Utility District,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Electric Revenue Bonds, Series N, 5%, 8/15/28 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,537,850</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sacramento, California, Unified School District, GO</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Election of 2002), 5%, 7/01/30 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,600</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,480,256</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Ventura County, California, Community College</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;District, GO (Election of 2002), Series B,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 8/01/30 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,025</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,842,345</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>57,060,753</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Colorado &#151; 1.3%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Colorado Health Facilities Authority Revenue Bonds,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Catholic Health Initiatives), 5.50%, 3/01/32 (f)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>50</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>50,238</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Covenant Retirement Communities Inc.),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/27 (g)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>995,460</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Covenant Retirement Communities Inc.),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/33 (g)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>675</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>527,742</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>E-470 Public Highway Authority, Colorado, Capital</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Appreciation Revenue Refunding Bonds, Series B,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.607%, 9/01/32 (c)(e)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,396,050</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,969,490</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Florida &#151; 8.0%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Broward County, Florida, School Board, COP, Series A,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.25%, 7/01/33 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,400</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,273,958</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Duval County, Florida, School Board, COP (Master</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Lease Program), 5%, 7/01/33 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,746,380</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hillsborough County, Florida, Aviation Authority</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, AMT, Series A,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.375%, 10/01/33 (j)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,250</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,597,400</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Aviation Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds (Miami International Airport),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;AMT, 5%, 10/01/40 (i)(j)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,550</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,019,810</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, School Board, COP,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding, Series B, 5.25%, 5/01/31 (j)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,625</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,536,876</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami, Florida, Special Obligation Revenue Bonds</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Street and Sidewalk Improvement Program),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 1/01/37 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>730</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>614,799</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orange County, Florida, Sales Tax Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds, Series B,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.125%, 1/01/32 (c)(h)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,575</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,416,271</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,205,494</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;19</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p20">&nbsp;</A></font></p></P>


<A name="page_20"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued)</FONT> </TD>
     <TD width="24%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund II, Inc (MQT)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%">&nbsp; </TD>
     <TD width="24%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Georgia &#151; 6.2%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Atlanta, Georgia, Airport Revenue Refunding Bonds,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A, 5.875%, 1/01/17 (c)(h)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,090,400</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Atlanta, Georgia, Water and Wastewater</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 11/01/34 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,850</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,528,378</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5%, 11/01/33 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>687,856</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5%, 11/01/39 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,610</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,006,920</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Augusta, Georgia, Water and Sewer Revenue Bonds,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.25%, 10/01/39 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,880</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,837,738</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14,151,292</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Illinois &#151; 15.8%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chicago, Illinois, O&#146;Hare International Airport,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;General Airport Revenue Bonds, Third Lien, AMT,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series B-2:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 1/01/23 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,677,296</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 1/01/29 (i)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,944,514</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chicago, Illinois, O&#146;Hare International Airport,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;General Airport Revenue Refunding Bonds, Third</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Lien, AMT, Series A, 5.50%, 1/01/22 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,375,485</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cook County, Illinois, Capital Improvement, GO,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series C, 5.50%, 11/15/12 (a)(k)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,460</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,677,612</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Illinois Sports Facilities Authority, State Tax Supported</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, 5.264%, 6/15/30 (a)(b)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>21,675</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,212,419</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>35,887,326</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Louisiana &#151; 5.4%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jefferson Parish, Louisiana, Home Mortgage Authority,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;S/F Mortgage Revenue Bonds, AMT, Series B-1,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;6.65%, 12/01/33 (c)(l)(m)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,420</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,460,143</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Louisiana Local Government Environmental Facilities</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;and Community Development Authority, Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds (Capital Projects and Equipment Acquisition</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Program), Series A, 6.30%, 7/01/30 (a)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,300</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,995,342</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Louisiana State Gas and Fuels Tax Revenue Bonds,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A (d):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 5/01/36</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,600</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,051,450</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.75%, 5/01/39</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,975</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,593,983</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Louisiana State Transportation Authority, Senior Lien</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Toll Revenue Capital Appreciation Bonds, Series B,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.31%, 12/01/27 (a)(e)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,185</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>905,591</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Rapides Financing Authority, Louisiana, Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds (Cleco Power LLC Project), AMT,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;4.70%, 11/01/36 (a)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,750</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,183,420</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Terrebonne Parish, Louisiana, Hospital Service</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;District Number 1, Hospital Revenue Bonds</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Terrebonne General Medical Center Project),</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.50%, 4/01/33 (a)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,300</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,074,580</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,264,509</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Massachusetts &#151; 9.0%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State, HFA, Rental Housing Mortgage</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, AMT, Series F, 5.25%, 1/01/46 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14,812,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State, HFA, S/F Housing Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, AMT, Series 128, 4.80%, 12/01/27 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,150,095</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State Port Authority, Special Facilities</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds (Delta Air Lines Inc. Project), AMT,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A (a):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 1/01/16</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,900</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,320,348</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 1/01/19</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,570</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,030,480</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20,312,923</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Michigan &#151; 4.2%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Detroit, Michigan, Sewage Disposal System,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Second Lien Revenue Bonds, Series B,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 7/01/36 (c)(h)(u)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,529,780</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Detroit, Michigan, Sewage Disposal System, Second</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Lien Revenue Refunding Bonds, Series E,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.75%, 7/01/31 (h)(n)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,204,642</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan Higher Education Student Loan Authority,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Student Loan Revenue Refunding Bonds, AMT,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series XVII-G, 5.20%, 9/01/20 (a)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>862,030</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State Strategic Fund, Limited Obligation</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Refunding Bonds (Detroit Edison</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Company Pollution Control Project), AMT (i):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.50%, 6/01/30</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>819,820</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C, 5.45%, 12/15/32</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,900</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,114,072</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,530,344</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Minnesota &#151; 1.0%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dakota County, Minnesota, Community Development</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Agency, S/F Mortgage Revenue Bonds (Mortgage-</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Backed Securities Program), Series B,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.15%, 12/01/38 (l)(m)(o)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,597</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,230,706</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Missouri &#151; 2.5%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Saint Louis County, Missouri, Pattonville R-3 School</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;District, GO (Missouri Direct Deposit</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Program) (h)(k):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 3/01/10</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,110,700</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 3/01/10</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,110,700</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 3/01/10</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,587,915</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,809,315</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Nebraska &#151; 0.5%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Municipal Energy Agency of Nebraska, Power Supply</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;System Revenue Bonds, Series A, 5%, 4/01/33 (d)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,300</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,168,141</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Nevada &#151; 3.1%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Carson City, Nevada, Hospital Revenue Bonds</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Carson-Tahoe Hospital Project), Series A,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.50%, 9/01/33 (g)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,157,568</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Clark County, Nevada, Airport System Subordinate</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Lien Revenue Bonds, Series A-2 (c)(h):</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/30</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,298,100</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/36</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,700</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,236,680</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Clark County, Nevada, IDR (Southwest Gas Corp.</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Project), AMT, Series A, 4.75%, 9/01/36 (h)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,267,552</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,959,900</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>20&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p21">&nbsp;</A></font>
</p></P>


<A name="page_21"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued)</FONT> </TD>
     <TD width="24%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund II, Inc. (MQT)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%">&nbsp; </TD>
     <TD width="24%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="65%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Jersey &#151; 7.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Cigarette Tax Revenue Bonds (g):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/15/29</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,070</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>830,427</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/15/31</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>400</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>294,832</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Motor Vehicle Surcharge Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series A, 5.25%, 7/01/33 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,200</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,682,908</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, School Facilities Construction</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series O, 5.125%, 3/01/28</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,380</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,257,272</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series P, 5.125%, 9/01/28</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,852,640</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,918,079</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Mexico &#151; 2.9%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Mexico State Highway Commission, Tax</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, Senior Sub-Lien, Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;6%, 6/15/2010 (d)(k)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,295</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,659,355</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New York &#151; 5.7%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Metropolitan Transportation Authority, New York,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Transportation Revenue Bonds, Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 11/15/32 (h)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,551,924</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, City Municipal Water</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Finance Authority, Water and Sewer System</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, Series A, 5.75%, 6/15/40</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>350</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>348,859</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York State Dormitory Authority, Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds (State University Educational</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Facilities), 5.75%, 5/15/10 (h)(k)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,316,700</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tobacco Settlement Financing Corporation of</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;New York Revenue Bonds, Series A-1,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.25%, 6/01/22 (a)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,115</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,829,124</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13,046,607</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Ohio &#151; 3.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Plain, Ohio, Local School District, GO, Refunding (h):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%, 6/01/11 (k)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,120</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,531,136</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%, 12/01/20</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,170</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,228,898</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,760,034</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Oklahoma &#151; 2.6%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Oklahoma State Development Finance Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Refunding Bonds (Integris Health</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Obligated Group), VRDN, Series A3,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;1.25%, 8/15/33 (j)(p)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,000,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Pennsylvania &#151; 1.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Delaware River Port Authority of Pennsylvania and</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;New Jersey Revenue Bonds, 6%, 1/01/17 (d)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,159</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania HFA, S/F Mortgage Revenue Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, AMT, Series 99A, 5.25%, 10/01/32</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,340</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,063,035</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, School District, GO,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series E, 6%, 9/01/38</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,300</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,264,718</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,332,912</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>South Carolina &#151; 4.9%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Berkeley County, South Carolina, School District,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Installment Lease Revenue Bonds (Securing</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Assets for Education Project), 5.125%, 12/01/30</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,450</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,189,418</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Kershaw County, South Carolina, Public Schools</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Foundation, Installment Power Revenue Refunding</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, 5%, 12/01/29 (q)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,875</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,644,131</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>South Carolina State Public Service Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Refunding Bonds, Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.50%, 1/01/38</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,125</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,073,137</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>South Carolina Transportation Infrastructure Bank</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, Series A, 5%, 10/01/33 (a)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,250</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,234,783</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,141,469</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Tennessee &#151; 1.6%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tennessee Energy Acquisition Corporation, Gas</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 9/01/26</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,920</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,754,780</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5%, 2/01/27</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,400</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>944,664</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,699,444</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Texas &#151; 15.4%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Clear Creek, Texas, Independent School District, GO,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding, 5%, 2/15/33</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,900</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,778,191</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corpus Christi, Texas, Utility System Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds, Series A, 6%, 7/15/10 (d)(k)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,121,880</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dallas-Fort Worth, Texas, International Airport, Joint</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, AMT, Series B, 6%, 11/01/23 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>600</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>545,340</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dallas-Fort Worth, Texas, International Airport</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, AMT, Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.50%, 11/01/33 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,020,850</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lewisville, Texas, Independent School District,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Capital Appreciation and School Building, GO,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding, 4.67%, 8/15/24 (c)(e)(h)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,915</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,474,115</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lower Colorado River Authority, Texas, PCR (Samsung</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Austin Semiconductor), AMT, 6.375%, 4/01/27</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,786,210</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mansfield, Texas, Independent School District, GO,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 2/15/33</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,065</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>996,723</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Matagorda County, Texas, Navigation District</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Number 1, PCR, Refunding (Central Power and</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Light Company Project), AMT, 5.20%, 5/01/30 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,423,458</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Harris County, Texas, Regional Water Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Senior Lien Revenue Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.125%, 12/15/35 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,925</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,256,776</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Texas Tollway Authority, System Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds, First Tier:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/01/40 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,600</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,340,044</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6%, 1/01/25</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>525</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>515,371</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K-1, 5.75%, 1/01/38 (j)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,400</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,278,756</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Texas State Affordable Housing Corporation, S/F</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Mortgage Revenue Bonds (Professional Educators</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Home Loan Program), AMT, Series A-1,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.50%, 12/01/39 (l)(m)(o)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,276</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,103,605</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Texas State Turnpike Authority, Central Texas Turnpike</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;System Revenue Bonds, First Tier, Series A (a):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 8/15/38</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,800</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,392,528</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/15/39</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,061,345</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>35,095,192</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;21</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p22">&nbsp;</A></font></p></P>


<A name="page_22"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued)</FONT> </TD>
     <TD width="24%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund II, Inc. (MQT)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%">&nbsp; </TD>
     <TD width="24%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B> </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=center width="14%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Vermont &#151; 1.8%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Vermont HFA, Revenue Refunding Bonds, AMT,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series C, 5.50%, 11/01/38 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,700</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,147,121</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Vermont HFA, S/F Housing Revenue Bonds, AMT,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series 27, 4.85%, 11/01/32 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,690</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,956,867</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,103,988</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Virginia &#151; 0.8%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Halifax County, Virginia, IDA, Exempt Facility Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Refunding Bonds (Old Dominion Electric</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Cooperative Project), AMT, 5.625%, 6/01/28 (a)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,100</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,796,571</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Washington &#151; 4.5%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port of Seattle, Washington, Revenue Bonds, AMT,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series B, 6%, 2/01/16 (c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,470</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,444,453</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port of Tacoma, Washington, GO, AMT, Series B,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;4.875%, 12/01/38 (j)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,375</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,078,055</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port of Tacoma, Washington, Revenue Refunding</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series A, 5.25%, 12/01/14 (a)(k)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,600</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,747,872</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,270,380</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds &#151; 136.0%</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>309,443,199</FONT> </TD></TR>
<TR>
     <TD width="100%" colSpan=10><FONT size=1>&nbsp; </FONT></TD></TR>
<TR>
     <TD width="100%" bgColor=#7791bf colSpan=10><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=10><FONT size=1>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds Transferred to</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts (r)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD></TR>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Alabama &#151; 1.2%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University of Alabama, General Revenue Bonds,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Series A, 5%, 7/01/34 (c)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,955</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,659,292</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>California &#151; 3.3%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Anaheim, California, Public Financing Authority,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Electric System Distribution Facilities Revenue</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series A, 5%, 10/01/31 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,808</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,464,464</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>San Diego County, California, Water Authority, Water</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Refunding Bonds, COP, Series A,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 5/01/33 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,030</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,759,239</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tamalpais, California, Union High School District, GO</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Election of 2001), 5%, 8/01/28 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,320</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,214,928</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,438,631</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Georgia &#151; 8.8%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Atlanta, Georgia, Airport General Revenue Refunding</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series B, 5.25%, 1/01/33 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,999</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,692,780</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Atlanta, Georgia, Airport Passenger Facility Charge</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;and Subordinate Lien General Revenue Refunding</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, Series C, 5%, 1/01/33 (d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,406,420</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20,099,200</FONT> </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Illinois &#151; 10.6%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chicago, Illinois, Water Revenue Refunding Bonds,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Second Lien, 5.25%, 11/01/33 (d)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,549</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,346,382</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Illinois Regional Transportation Authority Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, 6.50%, 7/01/26 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,013,805</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Metropolitan Pier and Exposition Authority, Illinois,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Dedicated State Tax Revenue Bonds (McCormick</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Place Expansion), Series A, 5%, 12/15/28 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,333,400</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Metropolitan Pier and Exposition Authority, Illinois,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Dedicated State Tax Revenue Refunding Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(McCormick Place Expansion Project), Series B,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.75%, 6/15/23 (c)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,250</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,422,622</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>24,116,209</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Massachusetts &#151; 3.0%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State School Building Authority,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Dedicated Sales Tax Revenue Bonds, Series A,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5%, 8/15/30 (d)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,195</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,819,284</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Jersey &#151; 3.4%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Cigarette Tax Revenue Bonds (j):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/15/24</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,600</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,205,296</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/15/31</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,656,780</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,862,076</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>South Carolina &#151; 3.7%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Charleston Educational Excellence Financing</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Corporation, South Carolina, Revenue Bonds</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;(Charleston County School District) (j):</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/28</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,725</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,642,651</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/29</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,425</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,323,514</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="67%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/30</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>880</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>832,674</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Scago Educational Facilities Corporation for Pickens</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;County School District, South Carolina, Revenue</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Bonds, 5%, 12/01/31 (d)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,679,120</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="65%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,477,959</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Texas &#151; 2.2%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cypress-Fairbanks, Texas, Independent School</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;District, GO, 5%, 02/15/32</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,250</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,966,553</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Virginia &#151; 0.8%</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Virginia State, HDA, Commonwealth Mortgage</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;Revenue Bonds, Series H, Sub-Series H-1,</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%" colSpan=4><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5.35%, 7/01/31 (c)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,995</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,810,103</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds Transferred to</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts &#151; 37.0%</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>84,249,307</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Long-Term Investments</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=left width="67%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Cost </FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>&#151; $446,626,490) &#151; 173.0%</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="4%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>393,692,506</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>22&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p23">&nbsp;</A></font>
</p></P>


<A name="page_23"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (concluded)</FONT> </TD>
     <TD width="23%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund II, Inc. (MQT)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%">&nbsp; </TD>
     <TD width="23%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Short-Term Securities</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Shares</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="13%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Merrill Lynch Institutional Tax-Exempt Fund,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="67%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;1.63% (s)(t)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,971,050</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,971,050</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Short-Term Securities</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Cost &#151; $6,971,050) &#151; 3.1%</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,971,050</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="82%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Investments (Cost &#151; $453,597,540*) &#151; 176.1%</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>400,663,556</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Other Assets Less Liabilities &#151; 1.6%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,705,853</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Liability for Trust Certificates,</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="82%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Including Interest Expense and Fees Payable &#151; (21.2)%</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(48,245,156</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares, at Redemption Value &#151; (56.5)%</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(128,573,123</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="82%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>227,551,130</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: #000000 1pt dotted" align=left width="100%" colSpan=8>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT style="WIDTH: 22pt" face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>*</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:</FONT></TD>
</TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate cost</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>406,540,812</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized appreciation</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,325,188</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized depreciation</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(57,018,236</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized depreciation</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(53,693,048</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT style="WIDTH: 22pt" face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(a)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMBAC Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(b)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Represents a step bond. Rate shown reflects the effective yield at the time of purchase.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(c)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MBIA Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(d)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>FSA Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(e)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Represents a zero-coupon bond. Rate shown reflects the effective yield at the time of purchase.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(f)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Security is collateralized by Municipal or U.S. Treasury Obligations.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(g)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Radian Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(h)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>FGIC Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(i)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>XL Capital Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(j)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Assured Guaranty Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(k)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(l)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>FNMA Collateralized.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(m)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>GNMA Collateralized.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(n)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BHAC Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(o)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>FHLMC Collateralized.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(p)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Security may have a maturity of more than one year at the time of issuance, but has variable rate and demand features that qualify it as a short-term security. Rate disclosed is as of report date. Maturity shown is the final maturity date.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(q)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>CIFG Insured.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(r)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(s)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="43%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="5%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="3%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="43%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Affiliate</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Activity</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Income</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Merrill Lynch Institutional Tax-Exempt Fund</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,663,870</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>258,553</FONT> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT style="WIDTH: 22pt" face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(t)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Represents the current yield as of report date.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(u)</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>All or a portion of security, pledged as collateral in connection with open forward interest rate swaps.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&#149;</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Forward </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>interest rate swaps outstanding as of October 31, 2008 were as follows:</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="45%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="18%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Notional</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="18%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Unrealized</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Amount</FONT></B> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=center width="18%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Appreciation</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="45%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="18%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>)</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Depreciation)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pay a fixed rate of 3.484% and receive a</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="15%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="15%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>floating rate based on 1-week SIFMA</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Municipal Swap Index Rate</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="15%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="15%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Broker, JPMorgan Chase Bank N.A.</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Expires December 2023</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="15%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,000</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="15%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>188,797</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="45%">&nbsp;</TD>
     <TD width="2%"></TD>
     <TD noWrap align=left width="1%"></TD>
     <TD width="1%"></TD>
     <TD noWrap align=right width="15%"></TD>
     <TD noWrap align=left width="1%"></TD>
     <TD width="7%"></TD>
     <TD noWrap align=left width="1%"></TD>
     <TD width="1%"></TD>
     <TD noWrap align=right width="15%"></TD>
     <TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pay a fixed rate of 3.764% and receive a</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="15%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="15%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>floating rate based on 1-week SIFMA</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Municipal Swap Index Rate</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="15%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="15%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Broker, JPMorgan Chase Bank N.A.</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Expires November 2028</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="15%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,500</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="15%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(9,880</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR>
     <TD noWrap align=left width="45%">&nbsp;</TD>
     <TD width="2%"></TD>
     <TD noWrap align=left width="1%"></TD>
     <TD width="1%"></TD>
     <TD noWrap align=right width="15%"></TD>
     <TD noWrap align=left width="1%"></TD>
     <TD width="7%"></TD>
     <TD noWrap align=left width="1%"></TD>
     <TD width="1%"></TD>
     <TD noWrap align=right width="15%"></TD>
     <TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pay a fixed rate of 3.8575% and receive a</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="15%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="15%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>floating rate based on 1-week SIFMA</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Municipal Swap Index Rate</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="15%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="15%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Broker, JPMorgan Chase Bank N.A.</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="45%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Expires November 2028</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="15%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="15%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(95,977</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="7%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>82,940</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;23</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p24">&nbsp;</A></font></p></P>


<A name="page_24"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Statements of Assets and Liabilities</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund, Inc.</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund, Inc.</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund II, Inc.</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>October 31, 2008</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(MYD)</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(MQY)</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(MQT)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Assets</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments at value &#151; unaffiliated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>791,748,916</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>598,449,701</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>393,692,506</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments at value &#151; affiliated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,457,277</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14,064,656</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,971,050</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cash</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>71,455</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>212,604</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>93,239</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Unrealized appreciation on forward interest rate swaps</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>188,797</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest receivable</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,104,566</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,493,887</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,559,397</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments sold receivable</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,271,778</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,358,770</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Other assets</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,738</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>33,882</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,882</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Prepaid expenses</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>49,982</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>46,236</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,125</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total assets</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>815,471,934</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>628,572,744</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>412,896,766</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Accrued Liabilities</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Unrealized depreciation on forward interest rate swaps</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>105,857</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest expense and fees payable</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>411,309</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>651,758</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>429,364</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officer&#146;s and Directors&#146; fees payable</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>26,590</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,769</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>439</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments purchased payable</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,770,545</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,017,379</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investment advisory fees payable</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>380,001</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>282,773</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>183,108</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Income dividends payable &#151; Common Shares</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,900,366</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,734,240</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,118,347</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Other affiliates payable</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,068</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,632</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,372</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Other accrued expenses payable</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>185,891</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>126,729</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>99,855</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total accrued liabilities</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,909,225</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,588,446</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,956,721</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" bgColor=#f4f9fd colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Other Liabilities</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trust certificates</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>54,672,076</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>73,260,833</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>47,815,792</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Liabilities</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>58,581,301</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>80,849,279</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>56,772,513</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" bgColor=#f4f9fd colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Preferred Shares at Redemption Value</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares, par value $0.05 per share for all series, except MQT Series D par value $0.10 per share at $25,000</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;per share liquidation preference, plus unpaid dividends</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>271,946,089</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>192,264,282</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>128,573,123</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Assets Applicable to Common Shareholders</FONT></B> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>484,944,544</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>355,459,183</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>227,551,130</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Net Assets Applicable to Common Shareholders Consist of</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Common Shares, par value $0.10 per share</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,531,821</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,042,526</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,236,693</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Paid-in capital in excess of par</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>623,550,428</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>423,216,933</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>285,530,047</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Undistributed net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,916,633</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,484,576</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,161,024</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Accumulated net realized loss</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(17,964,532</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1,942,988</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(8,525,590</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized appreciation/depreciation</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(127,089,806</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(70,341,864</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(52,851,044</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Assets Applicable to Common Shareholders</FONT></B> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>484,944,544</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>355,459,183</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>227,551,130</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.70</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.68</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.17</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments at cost &#151; unaffiliated</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>918,838,722</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>668,791,565</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>446,626,490</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments at cost &#151; affiliated</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,457,277</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14,064,656</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,971,050</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Represents short-term floating rate certificates issued by tender option bond trusts.</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares issued and outstanding</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,860</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,680</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,130</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Common Shares outstanding</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>45,318,214</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>30,425,258</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>22,366,930</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>24&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p25">&nbsp;</A></font>
</p></P>


<A name="page_25"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Statements of Operations</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD noWrap align=center width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund, Inc.</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund, Inc.</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund II, Inc.</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended October 31, 2008</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(MYD)</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(MQY)</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(MQT)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Investment Income</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>54,499,895</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>36,606,404</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>24,016,074</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Income &#151; affiliated</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>323,839</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>316,424</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>258,553</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total income</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>54,823,734</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>36,922,828</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>24,274,627</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Expenses</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investment advisory</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,800,850</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500,327</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,270,129</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Commissions for Preferred Shares</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>801,863</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>583,072</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>376,946</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Accounting services</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>260,941</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>177,895</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>138,062</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Professional</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>230,923</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>181,662</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>136,702</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Transfer agent</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>57,599</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>69,148</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>42,019</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officer and Directors</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>56,554</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>39,896</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>29,273</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Custodian</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>45,960</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>36,504</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>26,139</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Printing</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>39,129</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>23,300</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17,138</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Registration</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,516</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,973</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,811</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miscellaneous</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>130,054</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>112,688</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>84,629</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses excluding interest expense and fees</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,439,389</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,734,465</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,129,848</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,955,374</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,769,072</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,867,535</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,394,763</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,503,537</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,997,383</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Less fees waived by advisor</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(27,274</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(26,832</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(20,677</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Less fees paid indirectly</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(321</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and fees paid indirectly</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,367,489</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,476,384</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,976,706</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>46,456,245</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>29,446,444</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,297,921</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" bgColor=#f4f9fd colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Realized and Unrealized Gain (Loss)</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain (loss) from:</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,918,788</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(728,016</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>230,594</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Swaps and futures</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(3,382,607</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(581,500</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1,388,073</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6,301,395</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1,309,516</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1,157,479</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net change in unrealized appreciation/depreciation on:</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(157,567,039</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(93,034,192</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(66,011,447</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Swaps</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(59,400</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(48,875</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(157,567,039</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(93,093,592</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(66,060,322</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total realized and unrealized loss</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(163,868,434</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(94,403,108</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(67,217,801</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR>
     <TD width="100%" colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Dividends and Distributions to Preferred Shareholders From</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(12,071,923</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(8,220,460</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,769,792</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(984,160</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total dividends and distributions to Preferred Shareholders</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(12,071,923</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(9,204,620</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,769,792</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" bgColor=#f4f9fd><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations</FONT></B> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(129,484,112</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(74,161,284</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(53,689,672</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR>
     <TD width="100%" colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Related to tender option bond trusts.</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;25</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p26">&nbsp;</A></font></p></P>


<A name="page_26"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Statements of Changes in Net Assets</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Fund, Inc. (MYD)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="24%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>October 31,</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Operations</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>46,456,245</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>47,245,298</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain (loss)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6,301,395</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,332,422</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net change in unrealized appreciation/depreciation</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(157,567,039</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(33,393,239</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders from net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(12,071,923</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(12,440,786</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(129,484,112</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,743,695</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Dividends to Common Shareholders From</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(36,001,360</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(37,039,818</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR>
     <TD width="100%" bgColor=#f4f9fd colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Capital Share Transactions</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Reinvestment of common dividends</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,855,713</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,503,564</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Net Assets Applicable to Common Shareholders</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total decrease in net assets applicable to Common Shareholders</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(162,629,759</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(24,792,559</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Beginning of year</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>647,574,303</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>672,366,862</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of year</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>484,944,544</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>647,574,303</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of year undistributed net investment income</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,916,633</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,865,248</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR></TABLE>
<P>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund, Inc. (MQY)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="24%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>October 31,</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Operations</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>29,446,444</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>29,581,364</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain (loss)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1,309,516</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,782,218</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net change in unrealized appreciation/depreciation</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(93,093,592</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(16,584,007</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends and distributions to Preferred Shareholders from:</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(8,220,460</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(9,191,938</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(984,160</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(74,161,284</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,587,637</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Dividends and Distributions to Common Shareholders From</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(20,810,877</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(20,932,577</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,225,942</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Decrease in net assets resulting from dividends and distributions to Common Shareholders</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(23,036,819</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(20,932,577</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR>
     <TD width="100%" bgColor=#f4f9fd colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Net Assets Applicable to Common Shareholders</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total decrease in net assets applicable to Common Shareholders</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(97,198,103</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(13,344,940</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Beginning of year</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>452,657,286</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>466,002,226</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of year</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>355,459,183</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>452,657,286</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of year undistributed net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,484,576</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,287,484</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>26&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p27">&nbsp;</A></font>
</p></P>


<A name="page_27"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Statements of Changes in Net Assets (concluded)</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="37%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund II, Inc. (MQT)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="24%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>October 31,</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Operations</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,297,921</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,161,647</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain (loss)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1,157,479</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>523,278</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net change in unrealized appreciation/depreciation</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(66,060,322</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(10,662,734</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders from net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,769,792</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,918,044</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(53,689,672</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,104,147</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Dividends to Common Shareholders From</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(13,420,158</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(13,554,360</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR>
     <TD width="100%" bgColor=#f4f9fd colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Net Assets Applicable to Common Shareholders</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total decrease in net assets applicable to Common Shareholders</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(67,109,830</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(10,450,213</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Beginning of year</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>294,660,960</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>305,111,173</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of year</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>227,551,130</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>294,660,960</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of year undistributed net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,161,024</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,064,864</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;27</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p28">&nbsp;</A></font></p></P>


<A name="page_28"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Statements of Cash Flows</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund, Inc.</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund II, Inc.</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended October 31, 2008</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(MQY)</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(MQT)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Cash Provided by Operating Activities</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net decrease in net assets resulting from operations excluding dividends to Preferred Shareholders</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(64,956,664</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(47,919,880</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Adjustments to reconcile net decrease in net assets resulting from operations to net</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;cash provided by operating activities:</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Decrease in receivables</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>622,613</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>532,251</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Increase in prepaid expenses and other assets</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(77,189</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(30,772</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Decrease in accrued liabilities</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(266,541</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(137,263</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized and unrealized loss from investments</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>93,821,608</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>65,829,728</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Amortization of premium and discount on investments</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(550,835</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1,209,214</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Proceeds from sales of long-term investments</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>221,730,070</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>134,512,803</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Purchases of long-term investments</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(143,508,247</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(89,234,847</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net purchases of short-term investments</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(13,056,607</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(11,663,624</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net cash provided by operating activities</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>93,758,208</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>50,679,182</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" bgColor=#f4f9fd colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Cash Used for Financing Activities</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Payments on redemption of Preferred Shares</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(58,000,000</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(31,750,000</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cash receipts from trust certificates</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>97,637,131</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>52,118,519</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cash payments from trust certificates</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(101,061,298</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(52,027,727</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cash dividends and distributions paid to Common Shareholders</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(23,036,819</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(13,420,158</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cash dividends and distributions paid to Preferred Shareholders</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(9,104,146</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,601,035</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net cash used for financing activities</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(93,565,132</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(50,680,401</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR>
     <TD width="100%" bgColor=#f4f9fd colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Cash</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) in cash</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>193,076</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1,219</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cash at beginning of year</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,528</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>94,458</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cash at end of year</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>212,604</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>93,239</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Cash Flow Information</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cash paid for interest</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,037,765</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,993,190</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>28&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p29">&nbsp;</A></font>
</p></P>


<A name="page_29"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Financial Highlights</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD noWrap width="84%" colSpan=51>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="34%" colSpan=24><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Fund, Inc. (MYD)</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="34%" colSpan=24><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund, Inc. (MQY)</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="34%" colSpan=24><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended October 31,</FONT></B></TD>
     <TD width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="34%" colSpan=24><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended October 31,</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="6%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="6%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2006</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="6%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2005</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="6%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2004</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="6%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="6%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="6%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2006</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="6%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2005</FONT></B> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="6%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2004</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="13%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Per Share Operating Performance</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, beginning of year</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.36</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.98</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.48</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.31</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.85</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.88</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15.32</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15.02</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15.54</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15.36</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.03</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.05</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.08</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.11</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.09</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.97</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.97</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.99</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.99</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.03</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized and unrealized gain (loss)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(3.62</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.57</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.61</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.21</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.41</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(3.12</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.42</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.37</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.39</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.19</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends and distributions to Preferred</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd>&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Shareholders from:</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.27</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.28</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.25</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.16</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.07</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.27</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.30</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.27</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.14</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.07</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.00</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.03</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) from</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>investment operations</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2.86</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.20</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.44</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.16</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.43</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2.45</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.25</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.09</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.46</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.15</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends and distributions to Common</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd>&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Shareholders from:</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.80</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.82</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.94</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.99</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.96</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.68</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.69</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.79</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.96</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.97</FONT> </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.00</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.07</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total dividends and distributions</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.80</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.82</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.94</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.99</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.96</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.75</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.69</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.79</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.96</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.97</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital change with respect to issuance of</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.00</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.00</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.01</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.00</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.02</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, end of year</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.70</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.36</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.98</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.48</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.31</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.68</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.88</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15.32</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15.02</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15.54</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Market price per share, end of year</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9.66</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.72</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15.76</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.20</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.74</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.90</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.20</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.48</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.27</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.83</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD noWrap width="84%" bgColor=#f4f9fd colSpan=51>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="13%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>4</FONT></SUP></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on net asset value</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(20.69</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.40</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.30</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8.38</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.04</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(16.79</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.00</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.78</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.10</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8.26</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on market price</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(25.06</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(7.91</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18.33</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.69</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.11</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(12.47</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4.26</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.22</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.64</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.58</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR>
     <TD noWrap width="84%" bgColor=#f4f9fd colSpan=51>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="28%" bgColor=#e9f1fb colSpan=11><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Ratios to Average Net Assets Applicable to Common Shares</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and fees</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>paid indirectly and excluding interest</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd>&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,6</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.06</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.01</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.01</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.02</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.97</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.10</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.04</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.04</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.96</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.94</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and fees</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd>&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.38</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.22</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.29</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.26</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.13</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.75</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.71</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.75</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.44</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.25</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.38</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.23</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.29</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.26</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.14</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.76</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.71</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.76</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.45</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.25</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.65</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.14</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.35</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.55</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.75</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.89</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.46</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.61</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.46</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.74</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.99</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.88</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.71</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.10</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.51</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.92</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.01</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.80</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.93</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.45</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income to</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Common Shareholders</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.66</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.26</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.64</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.45</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.24</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.97</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.45</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.81</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.53</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.29</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR>
     <TD noWrap width="84%" bgColor=#f4f9fd colSpan=51>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="13%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Supplemental Data</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net assets applicable to Common</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Shareholders, end of year (000)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>484,945</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>647,574</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>672,367</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>644,825</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>636,019</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>355,459</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>452,657</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>466,002</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>456,886</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>472,848</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares outstanding at liquidation</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>preference, end of year (000)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>271,500</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>343,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>343,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>343,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>343,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>192,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>250,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>250,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>250,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>200,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Portfolio turnover</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>32</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>30</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>22</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>24</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>33</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>29</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>28</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Asset coverage per Preferred Share,</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%" bgColor=#f4f9fd>&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>end of year</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>69,695</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>72,218</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>74,034</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>72,008</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>71,358</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>71,318</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>70,282</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>71,614</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>70,701</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>84,114</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on average shares outstanding.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Amount is less than $(0.01) per share.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Amount is less than $0.01 per share.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Prior year amounts have been recalculated to conform with current year presentation.</FONT></TD>
</TR></TABLE>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;29</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p30">&nbsp;</A></font></p></P>


<A name="page_30"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Financial Highlights (concluded)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="48%" colSpan=26><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Quality Fund II, Inc. (MQT)</FONT></B> </TD></TR>
<TR>
     <TD width="90%" colSpan=28>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="48%" colSpan=26><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended October 31,</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2006</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%" colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2005</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2004</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Per Share Operating Performance</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, beginning of year</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.17</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.64</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.36</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.72</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.44</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.86</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.86</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.86</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.89</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.94</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized and unrealized gain (loss)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(3.00</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.46</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.37</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.25</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.27</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders from net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.26</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.26</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.24</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.14</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.07</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) from investment operations</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2.40</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.14</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.99</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.50</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.14</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Common Shareholders from net investment income</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.60</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.61</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.71</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.85</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.86</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital change with respect to issuance of Preferred Shares</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.00</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.01</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, end of year</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.17</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.17</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.64</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.36</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.72</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Market price per share, end of year</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8.75</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.60</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.93</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.86</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.69</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR>
     <TD width="90%" colSpan=28>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>3</FONT></SUP></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on net asset value</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(18.42</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.39</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.98</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.98</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9.32</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on market price</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(20.31</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5.79</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.34</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8.21</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.57</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR>
     <TD width="90%" colSpan=28>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Ratios to Average Net Assets Applicable to Common Shares</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and fees paid indirectly and excluding interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,5</FONT></SUP> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.12</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.06</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.05</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.03</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.01</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and fees paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.79</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.72</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.66</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.49</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.21</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.80</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.73</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.66</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.49</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.22</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.96</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.39</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.44</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.51</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.00</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.08</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.97</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.78</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.03</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.51</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income to Common Shareholders</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.88</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.42</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.66</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.48</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.49</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR>
     <TD width="90%" colSpan=28>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Supplemental Data</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net assets applicable to Common Shareholders, end of year (000)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>227,551</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>294,661</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>305,111</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>298,722</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>306,764</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares outstanding at liquidation preference, end of year (000)</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>128,250</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>160,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>160,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>160,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>150,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Portfolio turnover</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>37</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>29</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Asset coverage per Preferred Share, end of year</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>69,420</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>71,065</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>72,693</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>71,676</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>76,139</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on average shares outstanding.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Amount is less than $0.01 per share.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Prior year amounts have been recalculated to conform with current year presentation.</FONT></TD></TR></TABLE>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>30&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p31">&nbsp;</A></font>
</p></P>


<A name="page_31"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Notes to Financial Statements</FONT></P>
<P align=left><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>1. Organization and Significant Accounting Policies:</FONT></B></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Fund, Inc. (&#147;MuniYield&#148;), BlackRock MuniYield Quality Fund, Inc. (&#147;MuniYield Quality&#148;) and BlackRock MuniYield Quality Fund II, Inc. (&#147;MuniYield Quality II&#148;) (the &#147;Funds&#148; or individually as the &#147;Fund&#148;), are registered under the Investment Company Act of 1940 as amended (the &#147;1940 Act&#148;), as non-diversified, closed-end management investment companies. The Funds are organized as Maryland corporations. The Funds&#146; financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. The Funds determine and make available for publication the net asset value of their Common Shares on a daily basis.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The following is a summary of significant accounting policies followed by the Funds:</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Valuation of Investments: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Municipal investments (including commitments to purchase such investments on a &#147;when-issued&#148; basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Fund&#146;s Board of Directors (the &#147;Board&#148;). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments. Swap agreements are valued utilizing quotes received daily by each Fund&#146;s pricing service or through brokers. Short-term securities are valued at amortized cost. Investments in open-end investment companies are valued at net asset value e
ach business day.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, the investment will be valued by a method approved by the Board as reflecting fair value (&#147;Fair Value Assets&#148;). When determining the price for Fair Value Assets, the investment advisor and/or sub-advisor seeks to determine the price that the Funds might reasonably expect to receive from the current sale of that asset in an arm&#146;s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Derivative Financial Instruments: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may engage in various portfolio investment strategies both to increase the return of the Funds and to hedge, or protect, their exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract.</FONT></P>
<UL>
<LI><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Forward </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>interest rate swaps &#151; Each Fund may enter into forward inter</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>est rate swaps for investment purposes. In a forward interest rate</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>swap, the Fund and the counterparty agree to make periodic net pay</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ments on a specified notional contract amount, commencing on a</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>specified future effective date, unless terminated earlier. Forward inter</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>est rate swaps are marked-to-market daily and changes in value are</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>recorded as
 unrealized appreciation (depreciation). When the forward</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>interest rate swap is terminated, a Fund will record a realized gain or</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>loss equal to the difference between the proceeds from (or cost of) the</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>closing transaction and each Fund&#146;s basis in the contract, if any. For</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ward interest rate swap transactions involve, to varying degrees, ele</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ments of credit and market risk in excess of the amounts recognized</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>on the Statements of Assets and Liabilities. Such risks involve the pos</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>sibilit
y that there will be no liquid market for these agreements, that</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the counterparty to the agreements may default on its obligation to</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>perform or disagree as to the meaning of the contractual terms in the</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>agreements, and that there may be unfavorable changes in interest</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>rates and/or market values associated with these transactions. The</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Funds generally intend to close each forward interest rate swap before</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the effective date specified in the agreement and therefore avoid</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>entering into the interes

t rate swap underlying each forward interest</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>rate swap.<BR>
&nbsp;</FONT>
<LI><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Financial </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>futures contracts &#151; Each Fund may purchase or sell financial</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>futures contracts and options on such financial futures contracts. </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Financial futures contracts are contracts for delayed delivery of securi</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ties at a specific future date and at a specific price or yield. Upon enter</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ing into a contract, the Fund deposits and maintains as collateral such</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>initial margin as required by the exchange on which the transaction is</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif 
size=2>effected. Pursuant to the contract, the Fund agrees to receive from, or</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>pay to, the broker an amount of cash equal to the daily fluctuation in</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>value of the contract. Such receipts or payments are known as variation</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>margin and are recognized by the Fund as unrealized gains or losses.<BR>
&nbsp;<BR>
</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>When the contract is closed, the Fund records a realized gain or loss</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>equal to the difference between the value of the contract at the time</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>it was opened and the value at the time it was closed.</FONT> </LI></UL>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Forward Commitments and When-Issued Delayed Delivery Securities:<BR>
</FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions only with the intention of actually buying them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement. When purchasing a security on a</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;31</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p32">&nbsp;</A></font></p></P>


<A name="page_32"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Notes to Financial Statements (continued)</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Municipal Bonds Transferred to Tender Option Bond Trusts: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may leverage their assets through the use of tender option bond trusts (&#147;TOBs&#148;). A TOB is established by a third party sponsor forming a special purpose entity, into which one or more funds, or an agent on behalf of the funds, transfers municipal securities. Other funds managed by the investment advisor may also contribute municipal securities to a TOB into which each Fund has contributed securities.A TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates (&#147;TOB Residuals&#148;), which are generally issued to the participating fund that made the transfer.The TOB Residuals held by a Fund include the right of the Fund (1) to cause the holders of a proportional sh

are of the floating rate certificates to tender their certificates at par, and (2) to transfer, within seven days, a corresponding share of the municipal securities from the TOB to the Fund. The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to the Fund, which typically invest the cash in additional municipal securities. Each Fund&#146;s transfer of the municipal securities to a TOB is accounted for as a secured borrowing, therefore the municipal securities deposited into a TOB are presented in the Funds&#146; Schedules of Investments and the proceeds from the transaction are reported as a liability for trust certificates.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Interest income from the underlying securities is recorded by the Funds on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of the Funds.The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. At October 31, 2008, the aggregate value of the underlying municipal securities transferred to TOBs, the related liability for trust certificates and the range of interest rates were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="60%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Underlying</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal</FONT></B> </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Securities</FONT></B> </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Liability</FONT></B> </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Range of</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Transferred</FONT></B> </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>for Trust</FONT></B> </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Interest</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="60%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="7%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>to TOBs</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="7%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Certificates</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Rates</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD noWrap align=right width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>96,519,898</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD noWrap align=right width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>54,672,076</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.423% &#150; 4.372%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>128,018,519</FONT> </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>73,260,833</FONT> </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.511% &#150; 3.005%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="60%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality II</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>84,249,307</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>47,815,792</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.539% &#150; 3.160%</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds when short-term interest rates rise, but tend to outperform the market for fixed rate bonds when short-term interest rates decline or remain relatively stable. Should short-term interest rates rise, each Fund&#146;s investment in TOBs likely will adversely affect each Fund&#146;s investment income and dividends to Common Shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect each Fund&#146;s net asset values per share.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Zero-Coupon Bonds: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide periodic interest payments. Zero-coupon bonds may experience greater volatility in market value than similar maturity debt obligations which provide regular interest payments.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Segregation and Collateralization: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (&#147;SEC&#148;) require that the Funds segregate assets in connection with certain investments (e.g., when-issued delayed delivery securities and swaps), each Fund will, consistent with certain interpretive letters issued by the SEC, designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, the Funds may also be required to deliver or deposit securities as collateral for certain investments (e.g., swaps).</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Investment Transactions and Investment Income: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income is recognized on the accrual method. Each Fund amortizes all premiums and discounts on debt securities.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Dividends and Distributions: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Dividends from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. Dividends and distributions to Preferred Shareholders are accrued and determined as described in Note 4.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Income Taxes: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>It is each Fund&#146;s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provisions are required.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Effective April 30, 2008 each Fund implemented Financial Accounting Standards Board (&#147;FASB&#148;) Interpretation No. 48, &#147;Accounting for Uncertainty in Income Taxes &#151; an interpretation of FASB Statement No. 109&#148; (&#147;FIN 48&#148;). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. The investment advisor has evaluated the application of FIN 48 to each Fund, and has determined that the adoption of FIN 48 does not have a material impact on each Fund&#146;s financial statements. The Funds file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each of the Fund&#146;s U.S. federal tax ret

urns remain open for the years ended October 31, 2005 through October 31, 2007. The statutes of limitations on each of the Fund&#146;s state and local tax returns may remain open for an additional year depending upon the jurisdiction.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>32&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
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         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
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</p></P>


<A name="page_33"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Notes to Financial Statements (continued)</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Recent Accounting Pronouncements: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In September 2006, Statement of Financial Accounting Standards No. 157, &#147;Fair Value Measurements&#148; (&#147;FAS 157&#148;), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The impact on each of the Fund&#146;s financial statement disclosures, if any, is currently being assessed.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In March 2008, Statement of Financial Accounting Standards No. 161, &#147;Disclosures about Derivative Instruments and Hedging Activities &#151; an amendment of FASB Statement No. 133&#148; (&#147;FAS 161&#148;), was issued. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity&#146;s results of operations and financial position. In September 2008, FASB Staff Position No. 133-1 and FASB Interpretation No. 45-4 (the &#147;FSP&#148;), &#147;Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161,&#148; was issued and is effective for fiscal years and interim periods ending afte
r November 15, 2008. The FSP amends FASB Statement No. 133, &#147;Accounting for Derivative Instruments and Hedging Activities,&#148; to require disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. The FSP also clarifies the effective date of FAS 161, whereby disclosures required by FAS 161 are effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The impact on each of the Fund&#146;s financial statement disclosures, if any, is currently being assessed.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Under the deferred compensation plan approved by each Fund&#146;s Board, non-interested Directors (&#147;Independent Directors&#148;) defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts have been invested in common shares of other certain BlackRock Closed-End Funds selected by the Independent Directors. This has approximately the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in other certain BlackRock Closed-End Funds.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The deferred compensation plan is not funded and obligations there-under represent general unsecured claims against the general assets of each Fund. Each Fund may, however, elect to invest in common stock of other certain BlackRock Closed-End Funds selected by the Independent Directors in order to match its deferred compensation obligations. Investments to cover each Fund&#146;s deferred compensation liability are included in other assets on the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investments under the plan are included in income &#151; affiliated on the Statements of Operations.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Other: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Expenses directly related to each Fund are charged to that Fund. Other operating expenses shared by several funds are pro-rated among those funds on the basis of relative net assets or other appropriate methods.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>2. Investment Advisory Agreement and Other Transactions with Affiliates:</FONT></B></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Each Fund has entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the &#147;Advisor&#148;), an indirect, wholly owned subsidiary of BlackRock, Inc., to provide investment advisory and administration services. Merrill Lynch &amp; Co., Inc. (&#147;Merrill Lynch&#148;) and The PNC Financial Services Group, Inc. are principal owners of BlackRock, Inc.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Advisor is responsible for the management of each Fund&#146;s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Fund. For such services, each Fund pays the Advisor a monthly fee at an annual rate of 0.50% of the respective Fund&#146;s average daily net assets. Average daily net assets is the average daily value of the respective Fund&#146;s total assets minus the sum of its accrued liabilities.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Advisor has agreed to waive its advisory fees by the amount of investment advisory fees each Fund pays to the Advisor indirectly through its investment in affiliated money market funds. These amounts are shown as fees waived by advisor on the Statements of Operations.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Advisor has entered into separate sub-advisory agreements with BlackRock Investment Management, LLC (&#147;BIM&#148;), an affiliate of the Advisor, with respect to each Fund, under which the Advisor pays BIM for services it provides, a monthly fee that is a percentage of the investment advisory fee paid by each Fund to the Advisor.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>For the year ended October 31, 2008, the Funds reimbursed the Advisor for certain accounting services. The reimbursements, which are included in accounting services on the Statements of Operations, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="20%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="61%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="9%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,900</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality</FONT> </TD>
     <TD width="61%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,323</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality II</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="61%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="9%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,377</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Pursuant to the terms of their custody agreements, custodian fees may be reduced by amounts calculated on uninvested cash balances (&#147;custody credits&#148;), which are shown on the Statements of Operations as fees paid indirectly.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Certain officers and/or directors of the Funds are officers and/or directors of BlackRock, Inc. or its affiliates. The Funds reimburse the Advisor for compensation paid to the Funds&#146; Chief Compliance Officer.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;33</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p34">&nbsp;</A></font></p></P>


<A name="page_34"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Notes to Financial Statements (continued)</FONT></P>
<P align=left><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>3. Investments:</FONT></B></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Purchases and sales of investments, excluding short-term securities, for the year ended October 31, 2008, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="8%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Purchases</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="10%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Sales</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT> </TD>
     <TD width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="14%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>191,400,847</FONT> </TD>
     <TD width="10%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="14%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>247,647,548</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality</FONT> </TD>
     <TD width="8%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>148,296,587</FONT> </TD>
     <TD width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="14%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>226,045,754</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality II</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>90,231,000</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>135,777,354</FONT> </TD></TR></TABLE><BR>
<P align=left><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>4. Capital Share Transactions:</FONT></B></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Common Shares<br>
</FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Each Fund is authorized to issue 200,000,000 shares, including Preferred Shares, all of which were initially classified as Common Shares. Each Board is authorized, however, to reclassify any unissued shares of Common Shares without approval of the holders of Common Shares.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Common Shares issued and outstanding for MuniYield during the years ended October 31, 2008 and October 31, 2007 increased by 210,884 and 236,501, respectively, as a result of dividend reinvestment and for MuniYield Quality and MuniYield Quality II remained constant.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares<br>
  </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Preferred Shares are redeemable at the option of each Fund, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated or unpaid dividends whether or not declared. The Preferred Shares are also subject to mandatory redemption at $25,000 per share plus any accumulated or unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of each Fund, as set forth in each Fund&#146;s Articles Supplementary, are not satisfied.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) as a single class. However, the holders of Preferred Shares, voting as a separate class, are also entitled to elect two Directors for a Fund. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding Preferred Shares, voting separately as a class, would be required to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares (b) change a Fund&#146;s subclassification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds had the following series of Preferred Shares outstanding and effective yields at October 31, 2008:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="21%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="29%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Series</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="8%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Shares</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="9%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%" colSpan=2>&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Yields</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT> </TD>
     <TD width="29%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>A</FONT> </TD>
     <TD width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,425</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.945</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD width="29%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>B</FONT> </TD>
     <TD width="8%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,425</FONT> </TD>
     <TD width="9%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.087</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="29%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>C</FONT> </TD>
     <TD width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,425</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.473</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD width="29%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>D</FONT> </TD>
     <TD width="8%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,425</FONT> </TD>
     <TD width="9%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.844</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="29%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>E</FONT> </TD>
     <TD width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,216</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.087</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD width="29%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>F</FONT> </TD>
     <TD width="8%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,361</FONT> </TD>
     <TD width="9%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.988</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="21%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>G</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,583</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.495</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality</FONT> </TD>
     <TD width="29%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>A</FONT> </TD>
     <TD width="8%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,536</FONT> </TD>
     <TD width="9%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.474</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="29%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>B</FONT> </TD>
     <TD width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,536</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.474</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD width="29%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>C</FONT> </TD>
     <TD width="8%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,536</FONT> </TD>
     <TD width="9%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.158</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="29%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>D</FONT> </TD>
     <TD width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,536</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.999</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="21%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>E</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,536</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.495</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality II</FONT> </TD>
     <TD width="29%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>A</FONT> </TD>
     <TD width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,603</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.305</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD width="29%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>B</FONT> </TD>
     <TD width="8%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,603</FONT> </TD>
     <TD width="9%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.635</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="29%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>C</FONT> </TD>
     <TD width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,603</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.635</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="21%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>D</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>321</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.105</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The maximum applicable rate on this series of Preferred Shares is the higher of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&amp;P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.</FONT></TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The maximum applicable rate on this series of Preferred Shares is the higher of 110% of the Telerate/BBA LIBOR or 110% of 90% of the Kenny S&amp;P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.</FONT></TD></TR></TABLE>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Dividends on seven-day Preferred Shares are cumulative at a rate which is reset every seven days based on the results of an auction. If the Preferred Shares fail to clear the auction on an auction date, each Fund is required to pay the maximum applicable rate on the Preferred Shares to holders of such shares for each successive dividend period until such time as the shares are successfully auctioned. The maximum applicable rate on all series of Preferred Shares is footnoted as appropriate on the above chart. During the year ended October 31, 2008, the Preferred Shares of each Fund was successfully auctioned at each auction date until February 13, 2008. The low, high and average dividend rates on the Preferred Shares for each Fund for the year ended October 31, 2008 were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="10%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Series</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Low</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>High</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Average</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT> </TD>
     <TD width="10%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="11%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>A</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.535</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.347</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.971</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="10%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>B</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.535</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8.499</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.768</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="10%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="11%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>C</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.568</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.473</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.544</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="10%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>D</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.678</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.844</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.539</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="10%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="11%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>E</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.535</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.347</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.743</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="10%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>F</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.480</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.565</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.722</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="19%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="11%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>G</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.100</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.762</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.290</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality</FONT> </TD>
     <TD width="10%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>A</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.502</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.205</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.913</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="10%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="11%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>B</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.483</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.205</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.755</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="10%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>C</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.458</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.158</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.539</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="10%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="11%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>D</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.458</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.261</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.766</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="19%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>E</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.100</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.762</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.292</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality II</FONT> </TD>
     <TD width="10%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="11%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>A</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.535</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.728</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.066</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="10%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>B</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.623</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="6%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8.682</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.710</FONT> </TD>
     <TD noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="10%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="11%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>C</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.483</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="6%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.728</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="7%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.755</FONT> </TD>
     <TD noWrap align=left width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="19%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>D</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.850</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.377</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.235</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR></TABLE><BR>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>34&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p35">&nbsp;</A></font>
</p></P>


<A name="page_35"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Notes to Financial Statements (continued)</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Since February 13, 2008, the Preferred Shares of each Fund failed to clear any of its auctions. As a result, the Preferred Shares dividend rates were reset to the maximum applicable rate, which ranged from 2.458% to 12.565%. A failed auction is not an event of default for a Fund but has a negative impact on the liquidity of the Preferred Shares. A failed auction occurs when there are more sellers of a fund&#146;s auction rate preferred shares than buyers. It is impossible to predict how long this imbalance will last. A successful auction for each Fund&#146;s Preferred Shares may not occur for some time, if ever, and even if liquidity does resume, holders of Preferred Shares may not have the ability to sell the Preferred Shares at their liquidation preference.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may not declare dividends or make other distributions on Common Shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding Preferred Shares is less than 200%.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Each Fund pays commissions to certain broker-dealers at the end of each auction at an annual rate of 0.25%, calculated on aggregate principal amount. For the year ended October 31, 2008, Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, a wholly owned subsidiary of Merrill Lynch, earned commissions as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="56%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Commissions</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT> </TD>
     <TD width="56%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="14%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>335,369</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality</FONT> </TD>
     <TD width="56%">&nbsp; </TD>
     <TD noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>326,490</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality II</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>206,989</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Between June 4, 2008 and June 18, 2008, the Funds announced the following redemptions of Preferred Shares at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Redemption</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Shares</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Aggregate</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Series</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Date</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Redeemed</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Principal</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>A</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7/2/2008</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>375</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,375,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=center width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>B</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7/9/2008</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>375</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,375,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>C</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/25/2008</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>375</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,375,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=center width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>D</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/18/2008</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>375</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,375,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>E</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/18/2008</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>584</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14,600,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=center width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>F</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/26/2008</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>359</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,975,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>G</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/23/2008</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>417</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,425,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=center width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>A</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7/8/2008</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>464</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,600,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>B</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/24/2008</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>464</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,600,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=center width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>C</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7/18/2008</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>464</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,600,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>D</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/27/2008</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>464</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,600,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>E</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/23/2008</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>464</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,600,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality II</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>A</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7/7/2008</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>397</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,925,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=center width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>B</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7/14/2008</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>397</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,925,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>C</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/30/2008</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>397</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,925,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>D</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/24/2008</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>79</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,975,000</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds financed the Preferred Share redemptions with cash received from TOB transactions.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares issued and outstanding for the year ended October 31, 2007 remained constant.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>5. Income Tax Information:</FONT></B></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Reclassifications: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Accounting principles generally accepted in the United States of America require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or on net asset values per share. The following permanent differences as of October 31, 2008 attributable to expiration of capital loss carryforwards, amortization methods on fixed income securities, classification of income, securities in default and the reclassification of distributions were reclassified to the following accounts:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="4%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="4%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="4%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality II</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Decrease paid-in capital</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(21,402,887</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(101</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(26,045,680</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Decrease undistributed net</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;investment income</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(331,577</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(218,015</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(11,811</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Increase accumulated net</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;realized gain (loss)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>21,734,464</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>218,116</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>26,057,491</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The tax character of distributions paid during the years ended October 31, 2008 and October 31, 2007 was as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality II</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax-exempt income</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10/31/08</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>48,073,283</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>29,031,337</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,189,950</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40,480,604</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>30,124,515</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,472,404</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Long-term capital gain</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10/31/08</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,210,102</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total</FONT></B> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10/31/08</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>48,073,283</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>32,241,439</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,189,950</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40,480,604</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>30,124,515</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,472,404</FONT> </TD></TR></TABLE><BR>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;35</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p36">&nbsp;</A></font></p></P>


<A name="page_36"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Notes to Financial Statements (concluded)</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>As of October 31, 2008, the tax components of accumulated losses were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="4%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="4%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="4%" colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality II</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Undistributed tax-exempt</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>income</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>910,742</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,199,884</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>804,982</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Undistributed ordinary</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>income</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>190,766</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital loss carryforwards</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(17,933,437</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,229,309</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(7,160,415</FONT> </TD>
     <TD noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized losses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(126,305,776</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(70,770,851</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(53,860,177</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total accumulated net losses</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(143,137,705</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(70,800,276</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(60,215,610</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>)</FONT> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The difference between book-basis and tax-basis net unrealized gains (losses) is attributable primarily to the difference between the tax deferral of losses on wash sales, the difference between book and tax amortization methods for premiums and discounts on fixed income securities, the difference between the book and tax treatment of residual interests in tender option bond trusts, book/tax differences in the accrual of income on securities in default and the tax deferral of losses on straddles.</FONT></TD></TR></TABLE>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>As of October 31, 2008, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated year of expiration:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="50%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Expiring October 31,</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Quality II</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2009</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,000,235</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2010</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>189,276</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,105,212</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2012</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,561,802</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2016</FONT> </TD>
     <TD width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,743,926</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,229,309</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>493,401</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total</FONT></B> </TD>
     <TD width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17,933,437</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,229,309</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="11%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,160,415</FONT> </TD></TR></TABLE><BR>
<P align=left><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>6. Concentration Risk:</FONT></B></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Each Fund&#146;s investments are concentrated in certain states, which may be affected by adverse financial, social, environmental, economic, regulatory and political factors.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Many municipalities insure repayment of their bonds, which reduces the risk of loss due to issuer default. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligations.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>7. Subsequent Events:</FONT></B></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Each Fund paid a tax-exempt income dividend to Common Shareholders on December 1, 2008 to shareholders of record on November 14, 2008 in the following amounts per share:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="19%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="60%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Per Share</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="19%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="60%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Amount</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT> </TD>
     <TD width="60%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="10%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.0640</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality</FONT> </TD>
     <TD width="60%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.0570</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="19%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality II</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="60%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.0500</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The dividends declared on Preferred Shares for the period November 1, 2008 to November 30, 2008 for the Funds were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="44%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Series</FONT></B> </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="9%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Amount</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT> </TD>
     <TD width="44%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>A</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="9%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>80,514</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="44%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>B</FONT> </TD>
     <TD width="9%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>78,138</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="44%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>C</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="9%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>88,219</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="44%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>D</FONT> </TD>
     <TD width="9%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>67,482</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="44%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>E</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="9%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>80,094</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="44%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>F</FONT> </TD>
     <TD width="9%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>48,518</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>G</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="9%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>84,990</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality</FONT> </TD>
     <TD width="44%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>A</FONT> </TD>
     <TD width="9%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>90,549</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="44%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>B</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="9%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>57,664</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="44%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>C</FONT> </TD>
     <TD width="9%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>72,824</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="44%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>D</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="9%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>53,560</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>E</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="9%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>82,467</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniYield Quality II</FONT> </TD>
     <TD width="44%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>A</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="9%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>88,256</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="44%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>B</FONT> </TD>
     <TD width="9%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>80,999</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="44%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="6%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>C</FONT> </TD>
     <TD width="9%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="3%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="9%" bgColor=#f4f9fd>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>57,478</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>D</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="9%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17,527</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>On September 15, 2008, Bank of America Corporation announced that it has agreed to acquire Merrill Lynch, one of the principal owners of BlackRock, Inc. The purchase has been approved by the shareholders and directors of both companies and certain regulators. Subject to other regulatory approvals, the transaction is expected to close on or about December 31, 2008.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In December 2008, commissions paid to broker-dealers on Preferred Shares that experience a failed auction were reduced to 0.15% on the aggregate principal amount. The Funds will continue to pay commissions of 0.25% on the aggregate principal amount of all shares that successfully clear their auctions.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>36&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p37">&nbsp;</A></font>
</p></P>


<A name="page_37"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Report of Independent Registered Public Accounting Firm</FONT></P>
<P align=left><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>To the Shareholders and Board of Directors of BlackRock MuniYield Fund, Inc., BlackRock MuniYield Quality Fund, Inc. and BlackRock MuniYield Quality Fund II, Inc.:</FONT></B></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>We have audited each of the accompanying statements of assets and liabilities of BlackRock MuniYield Fund, Inc., BlackRock MuniYield Quality Fund, Inc., and BlackRock MuniYield Quality Fund II, Inc. (collectively the &#147;Funds&#148;), including the schedules of investments, as of October 31, 2008, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended and the statements of cash flows for BlackRock MuniYield Quality Fund, Inc. and BlackRock MuniYield Quality Fund II, Inc. for the year ended October 31, 2008. These financial statements and financial highlights are the responsibility of the Funds&#146; management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>opinion on the effectiveness of the Funds&#146; internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and d
isclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2008, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BlackRock MuniYield Fund, Inc., BlackRock MuniYield Quality Fund, Inc., and BlackRock MuniYield Quality Fund II, Inc. as of October 31, 2008, the results of their operations and the cash flows for BlackRock MuniYield Quality Fund, Inc. and BlackRock MuniYield Quality Fund II, Inc. for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Deloitte &amp; Touche </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>LLP</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Princeton, New Jersey</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>December 24, 2008</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;37</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p38">&nbsp;</A></font></p></P>


<A name="page_38"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Important Tax Information</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>All of the net investment income distributions paid by BlackRock MuniYield Fund, Inc. during the taxable year ended October 31, 2008 qualify as tax-exempt interest dividends for federal income tax purposes.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The following table summarizes the taxable per share distributions paid by BlackRock MuniYield Quality Fund, Inc. during the year:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="25%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="14%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Long-Term</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Capital</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Payable Date</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="3%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Gains</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Common Shareholders</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="14%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12/31/2007</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.073161</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Preferred Shareholders:</FONT> </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="1%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A</FONT> </TD>
     <TD width="25%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="14%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11/27/2007</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>100.14</FONT> </TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B</FONT> </TD>
     <TD width="25%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="14%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11/20/2007</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>25.82</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11/27/2007</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>26.40</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="25%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="14%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12/04/2007</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>31.35</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12/18/2007</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.28</FONT> </TD></TR>
<TR>
     <TD width="99%" bgColor=#f4f9fd colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C</FONT> </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12/07/2007</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>98.20</FONT> </TD></TR>
<TR>
     <TD width="99%" bgColor=#f4f9fd colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series D</FONT> </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11/16/2007</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>25.45</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="25%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="14%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11/23/2007</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>25.82</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11/30/2007</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>30.98</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="25%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="14%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12/14/2007</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16.25</FONT> </TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series E</FONT> </TD>
     <TD width="25%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="14%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11/19/2007</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>21.49</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="25%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11/26/2007</FONT> </TD>
     <TD width="7%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>26.92</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="25%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="14%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12/03/2007</FONT> </TD>
     <TD width="7%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="1%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>30.62</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12/17/2007</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18.36</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>All other net investment income distributions paid by the Fund during the taxable year ended October 31, 2008 qualify as tax-exempt interest dividends for federal income tax purposes.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>All of the net investment income distributions paid by BlackRock MuniYield Quality Fund II, Inc. during he taxable year ended October 31, 2008 qualify as tax-exempt interest dividends for federal income tax purposes.</FONT></P>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>38&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
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<font style="background-color:#7791bf; width:100%" size=1><A name="p39">&nbsp;</A></font>
</p></P>



<A name="page_39"></A>

<P align="left">
<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Disclosure of Investment Advisory Agreement and Subadvisory Agreement</FONT></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board of Directors (collectively, the &#147;Board,&#148; the members of which are referred to as &#147;Directors&#148;) of the BlackRock MuniYield Fund, Inc.
(&#147;MYD&#148;), BlackRock MuniYield Quality Fund II, Inc. (&#147;MQT&#148;) and BlackRock MuniYield Quality Fund, Inc. (&#147;MQY,&#148; and together with MYD and MQT, the &#147;Funds&#148;) met in April and May 2008 to consider approving the
continuation of each Fund&#146;s investment advisory agreement (each, an &#147;Advisory Agreement&#148;) with BlackRock Advisors, LLC (the &#147;Advisor&#148;), each Fund&#146;s investment advisor. The Board also considered the approval of each
Fund&#146;s subadvisory agreement (each, a &#147;Subadvisory Agreement&#148; and, together with the &#147;Advisory Agreement,&#148; the &#147;Agreements&#148;) between the Advisor and BlackRock Investment Management, LLC (the
&#147;Subadvisor&#148;). The Advisor and the Subadvisor are collectively referred to herein as the &#147;Advisors&#148; and, together with BlackRock, Inc., &#147;BlackRock.&#148;</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">Activities and Composition of the Board</FONT></B></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board of each Fund consists of thirteen individuals, eleven of whom are not &#147;interested persons&#148; of the Funds as defined in the Investment Company Act of 1940 (the
&#147;1940 Act&#148;) (the &#147;Independent Directors&#148;). The Directors are responsible for the oversight of the operations of the Funds and perform the various duties imposed on the directors of investment companies by the 1940 Act. The
Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chairman of the Board is an Independent Director. The Board has established four standing committees: an Audit Committee, a Governance
and Nominating Committee, a Compliance Committee and a Performance Oversight Committee.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">Advisory Agreement and Subadvisory Agreement</FONT></B></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Upon the consummation of the combination of BlackRock, Inc.&#146;s investment management business with Merrill Lynch &amp; Co., Inc.&#146;s investment management business,
including Merrill Lynch Investment Managers, L.P., and certain affiliates, each Fund entered into an Advisory Agreement and a Subadvisory Agreement, each with an initial two-year term. Consistent with the 1940 Act, after the Advisory
Agreement&#146;s and Subadvisory Agreement&#146;s respective initial two-year term, the Board is required to consider the continuation of each Fund&#146;s Advisory Agreement and Subadvisory Agreement on an annual basis. In connection with this
process, the Board assessed, among other things, the nature, scope and quality of the services provided to each Fund by the personnel of BlackRock and its affiliates, including investment advisory services, administrative services, secondary market
support services, oversight of fund accounting and custody, and assistance in meeting legal and regulatory requirements. The Board also received and assessed information regarding the services provided to each Fund by certain unaffiliated service
providers.</FONT></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Throughout the year, the Board also considered a range of information in connection with its oversight of the services provided by BlackRock and its affiliates. Among the matters
the Board considered were: (a) investment performance for one-, three- and five-year periods, as applicable, against peer funds, as well as senior management and portfolio managers&#146; analysis of the reasons for underperformance, if applicable;
(b) fees, including advisory, administration and other fees paid to BlackRock and its affiliates by each Fund, as applicable; (c) Fund operating expenses paid to third parties; (d) the resources devoted to and compliance reports relating to each
Fund&#146;s investment objective, policies and restrictions; (e) each Fund&#146;s compliance with its Code of Ethics and compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by
BlackRock and its affiliates; (g) BlackRock&#146;s and other service providers&#146; internal controls; (h) BlackRock&#146;s implementation of the proxy voting guidelines approved by the Board; (i) execution quality; (j) valuation and liquidity
procedures; and (k) reviews of BlackRock&#146;s business, including BlackRock&#146;s response to the increasing scale of its business.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">Board Considerations in Approving the Advisory Agreement and Subadvisory Agreement</FONT></B></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">To assist the Board in its evaluation of the Agreements, the Directors received information from BlackRock in advance of the April 22, 2008 meeting which detailed, among other
things, the organization, business lines and capabilities of the Advisors, including: (a) the responsibilities of various departments and key personnel and biographical information relating to key personnel; (b) financial statements for BlackRock;
(c) the advisory and/or administrative fees paid by each Fund to the Advisors, including comparisons, compiled by Lipper Inc. (&#147;Lipper&#148;), an independent third party, with the management fees, which include advisory and administration fees,
of funds with similar investment objectives (&#147;Peers&#148;); (d) the profitability of BlackRock and certain industry profitability analyses for advisors to registered investment companies; (e) the expenses of BlackRock in providing various
services; (f) non-investment advisory reimbursements, if applicable, and &#147;fallout&#148; benefits to BlackRock; (g) economies of scale, if any, generated through the Advisors&#146; management of all of the BlackRock closed-end funds (the
&#147;Fund Complex&#148;); (h) the expenses of each Fund, including comparisons of each such Fund&#146;s expense ratios (both before and after any fee waivers) with the expense ratios of its Peers; (i) an internal comparison of management fees
classified by Lipper, if applicable; and (j) each Fund&#146;s performance for the past one-, three- and five-year periods, as applicable, as well as each Fund&#146;s performance compared to its Peers.</FONT></P>
<P align="left"><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;39</FONT></TD>
       </TR>
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         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
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     <font style="background-color:#7791bf; width:100%" size=1><A name="p40">&nbsp;</A></font></p></P>




<A name="page_40"></A>

<P align="left">
<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)</FONT></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board also considered other matters it deemed important to the approval process, where applicable, such as payments made to BlackRock or its affiliates relating to the
distribution of Fund shares, services related to the valuation and pricing of Fund portfolio holdings, and direct and indirect benefits to BlackRock and its affiliates from their relationship with the Funds.</FONT></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In addition to the foregoing materials, independent legal counsel to the Independent Directors provided a legal memorandum outlining, among other things, the duties of the Board
under the 1940 Act, as well as the general principles of relevant law in reviewing and approving advisory contracts, the requirements of the 1940 Act in such matters, an advisor&#146;s fiduciary duty with respect to advisory agreements and
compensation, and the standards used by courts in determining whether investment company boards of directors have fulfilled their duties and the factors to be considered by boards in voting on advisory agreements.</FONT></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Independent Directors reviewed this information and discussed it with independent legal counsel prior to the meeting on April 22, 2008.At the Board meeting on April 22, 2008,
BlackRock made a presentation to and responded to questions from the Board. Following the meeting on April 22, 2008, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with
additional written materials provided to the Directors prior to the meetings on May 29 and 30, 2008.At the Board meetings on May 29 and 30, 2008, BlackRock responded to further questions from the Board. In connection with BlackRock&#146;s
presentations, the Board considered each Agreement and, in consultation with independent legal counsel, reviewed the factors set out in judicial decisions and Securities and Exchange Commission (&#147;SEC&#148;) statements relating to the renewal of
the Agreements.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">Matters Considered by the Board</FONT></B></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In connection with its deliberations with respect to the Agreements, the Board considered all factors it believed relevant with respect to each Fund, including the following: the
nature, extent and quality of the services provided by the Advisors; the investment performance of each Fund; the costs of the services to be provided and profits to be realized by the Advisors and their affiliates from their relationship with the
Funds; the extent to which economies of scale would be realized as the Fund Complex grows; and whether BlackRock realizes other benefits from its relationship with the Funds.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">A. Nature, Extent and Quality of the Services: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In evaluating the nature, extent and quality of
the Advisors&#146; services, the Board reviewed information concerning the types of services that the Advisors provide and are expected to provide to each Fund, narrative and statistical information concerning each Fund&#146;s performance record and
how such performance compares to each Fund&#146;s Peers, information describing BlackRock&#146;s organization and its various departments, the experience and responsibilities of key personnel and available resources. The Board noted the willingness
of the personnel of BlackRock to engage in open, candid discussions with the Board. The Board further considered the quality of the Advisors&#146; investment process in making portfolio management decisions.</FONT></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In addition to advisory services, the Directors considered the quality of the administrative and non-investment advisory services provided to the Funds.The Advisors and their
affiliates provided each Fund with such administrative and other services, as applicable (in addition to any such services provided by others for the Funds), and officers and other personnel as are necessary for the operations of the respective
Fund. In addition to investment management services, the Advisors and their affiliates provided each Fund with services such as: preparing shareholder reports and communications, including annual and semi-annual financial statements and the
Funds&#146; websites; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other
service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and
performing other Fund administrative tasks necessary for the operation of the respective Fund (such as tax reporting and fulfilling regulatory filing requirements). The Board considered the Advisors&#146; policies and procedures for assuring
compliance with applicable laws and regulations.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">B. The Investment Performance of the Funds and BlackRock: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">As previously noted, the Board
received performance information regarding each Fund and its Peers. Among other things, the Board received materials reflecting each Fund&#146;s historic performance and each Fund&#146;s one-, three-and five-year total returns (as applicable)
relative to its Peers (including the Peers&#146; median performance). The Board was provided with a description of the methodology used by Lipper to select each Fund&#146;s Peers. The Board noted that it regularly reviews the performance of each
Fund throughout the year. The Board reviewed a narrative and statistical analysis of the Lipper data that was prepared by BlackRock, which analyzed various factors that affect Lipper rankings.</FONT></P>
<P align="left"><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
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         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>40&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p41">&nbsp;</A></font>
</p></P>




<A name="page_41"></A>

<P align="left">
<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)</FONT></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board noted that in general the Funds performed better than their respective Peers in that their performance was at or above the median of their respective Peers in at least
two of the one-, three- and five-year periods reported.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">C. Consideration of the Advisory Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Funds:
</FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In evaluating the management fees and expenses that each Fund is expected to bear, the Board considered each Fund&#146;s current management fee structure and each
Fund&#146;s expense ratios in absolute terms as well as relative to the fees and expense ratios of its applicable Peers. The Board, among other things, reviewed comparisons of each Fund&#146;s gross management fees before and after any applicable
reimbursements and fee waivers and total expense ratios before and after any applicable waivers with those of applicable Peers. The Board also reviewed a narrative analysis of the Peer rankings prepared by Lipper and summarized by BlackRock at the
request of the Board. This summary placed the Peer rankings into context by analyzing various factors that affect these comparisons.</FONT></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board noted that each Fund paid contractual management fees lower than or equal to the median contractual fees paid by each Fund&#146;s respective Peers. This comparison was
made without giving effect to any expense reimbursements or fee waivers.</FONT></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board also compared the management fees charged and services provided by the Advisors to closed-end funds in general versus other types of clients (such as open-end investment
companies and separately managed institutional accounts) in similar investment categories. The Board noted certain differences in services provided and costs incurred by the Advisor with respect to closed-end funds compared to these other types of
clients and the reasons for such differences.</FONT></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In connection with the Board&#146;s consideration of the fees and expense information, the Board reviewed the considerable investment management experience of the Advisors and
considered the high level of investment management, administrative and other services provided by the Advisors.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">D. Profitability of BlackRock: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board also considered BlackRock&#146;s profitability in
conjunction with its review of fees. The Board reviewed BlackRock&#146;s profitability with respect to the Fund Complex and other fund complexes managed by the Advisors. In reviewing profitability, the Board recognized that one of the most difficult
issues in determining profitability is establishing a method of allocating expenses. The Board also reviewed BlackRock&#146;s assumptions and methodology of allocating expenses, noting the inherent limitations in allocating costs among various
advisory products. The Board also recognized that individual fund or product line profitability of other advisors is generally not publicly available.</FONT></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board recognized that profitability may be affected by numerous factors including, among other things, the types of funds managed, expense allocations and business mix, and
therefore comparability of profitability is somewhat limited. Nevertheless, to the extent available, the Board considered BlackRock&#146;s operating margin compared to the operating margin estimated by BlackRock for a leading investment management
firm whose operations consist primarily of advising closed-end funds. The comparison indicated that BlackRock&#146;s operating margin was approximately the same as the operating margin of such firm.</FONT></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In evaluating the reasonableness of the Advisors&#146; compensation, the Board also considered any other revenues paid to the Advisors, including partial reimbursements paid to
the Advisors for certain non-investment advisory services, if applicable.The Board noted that these payments were less than the Advisors&#146; costs for providing these services.The Board also considered indirect benefits (such as soft dollar
arrangements) that the Advisors and their affiliates are expected to receive, which are attributable to their management of the Fund.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">E. Economies of Scale: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In reviewing each Fund&#146;s fees and expenses, the Board examined the
potential benefits of economies of scale, and whether any economies of scale should be reflected in the Fund&#146;s fee structure, for example through the use of breakpoints for the Fund or the Fund Complex. In this regard, the Board reviewed
information provided by BlackRock, noting that most closed-end fund complexes do not have fund-level breakpoints because closed-end funds generally do not experience substantial growth after their initial public offering and each fund is managed
independently consistent with its own investment objectives. The Board noted that only three closed-end funds in the Fund Complex have breakpoints in their fee structures. Information provided by Lipper also revealed that only one closed-end fund
complex used a complex-level breakpoint structure. The Board found, based on its review of comparable funds, that each Fund&#146;s management fee is appropriate in light of the scale of the respective Fund.</FONT></P>
<P align="left"><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;41</FONT></TD>
       </TR>
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         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
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     <font style="background-color:#7791bf; width:100%" size=1><A name="p42">&nbsp;</A></font></p></P>




<A name="page_42"></A>

<P align="left">
<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Disclosure of Investment Advisory Agreement and Subadvisory Agreement (concluded)</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">F. Other Factors: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In evaluating fees, the Board also considered indirect benefits or profits the
Advisors or their affiliates may receive as a result of their relationships with the Funds (&#147;fall-out benefits&#148;). The Directors, including the Independent Directors, considered the intangible benefits that accrue to the Advisors and their
affiliates by virtue of their relationships with the Funds, including potential benefits accruing to the Advisors and their affiliates as a result of participating in offerings of the Funds&#146; shares, potentially stronger relationships with
members of the broker-dealer community, increased name recognition of the Advisors and their affiliates, enhanced sales of other investment funds and products sponsored by the Advisors and their affiliates and increased assets under management which
may increase the benefits realized by the Advisors from soft dollar arrangements with broker-dealers. The Board also considered the unquantifiable nature of these potential benefits.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">Conclusion with Respect to the Agreements</FONT></B></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In reviewing and approving the continuation of the Agreements, the Directors did not identify any single factor discussed above as all-important or controlling, but considered all
factors together, and different Directors may have attributed different weights to the various factors considered. The Independent Directors were also assisted by the advice of independent legal counsel in making this determination. The Directors,
including the Independent Directors, unanimously determined that each of the factors described above, in light of all the other factors and all of the facts and circumstances applicable to each respective Fund, was acceptable for each Fund and
supported the Directors&#146; conclusion that the terms of each Agreement were fair and reasonable, that each Fund&#146;s fees are reasonable in light of the services provided to the respective Fund and that each Agreement should be
approved.</FONT></P>
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       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>42&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p43">&nbsp;</A></font>
</p></P>




<A name="page_43"></A>

<P align="left">
<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Automatic Dividend Reinvestment Plans</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">How the Plan Works </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151; The Funds offer a Dividend Reinvestment Plan (the &#147;Plan&#148;)
under which income and capital gains dividends paid by each Fund are automatically reinvested in additional Common Shares of each Fund. The Plan is administered on behalf of the shareholders by BNY Mellon Shareowner Services for BlackRock MuniYield
Fund, Inc. and BlackRock MuniYield Quality Fund II, Inc. and Computershare Trust Company, N.A. for BlackRock MuniYield Quality Fund, Inc. (individually, the &#147;Plan Agent&#148; or together, the &#147;Plan Agents&#148;). Under the Plan, whenever
the Funds declare a dividend, participants in the Plan will receive the equivalent in shares of Common Shares of the Fund.The Plan Agents will acquire the shares for the participant&#146;s account either (i) through receipt of additional unissued
but authorized shares of the Fund (&#147;newly issued shares&#148;) or (ii) by purchase of outstanding Common Shares on the open market on the New York Stock Exchange or elsewhere. If, on the dividend payment date, a Fund&#146;s net asset value per
share is equal to or less than the market price per share plus estimated brokerage commissions (a condition often referred to as a &#147;market premium&#148;), the Plan Agents will invest the dividend amount in newly issued shares. If a Fund&#146;s
net asset value per share is greater than the market price per share (a condition often referred to as a &#147;market discount&#148;), the Plan Agents will invest the dividend amount by purchasing on the open market additional shares. If the Plan
Agents are unable to invest the full dividend amount in open market purchases, or if the market discount shifts to a market premium during the purchase period, the Plan Agents will invest any uninvested portion in newly issued shares.The shares
acquired are credited to each shareholder&#146;s account.The amount credited is determined by dividing the dollar amount of the dividend by either (i) when the shares are newly issued, the net asset value per share on the date the shares are issued
or (ii) when shares are purchased in the open market, the average purchase price per share.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Participation in the Plan </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151; Participation in the Plan is automatic, that is, a shareholder
is automatically enrolled in the Plan when he or she purchases Common Shares of a Fund unless the shareholder specifically elects not to participate in the Plan. Shareholders who elect not to participate will receive all dividend distributions in
cash. Shareholders who do not wish to participate in the Plan, must advise their Plan Agent in writing (at the address set forth below) that they elect not to participate in the Plan. Participation in the Plan is completely voluntary and may be
terminated or resumed at any time without penalty by writing to the Plan Agent.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Benefits of the Plan </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151; The Plan provides an easy, convenient way for shareholders to make
additional, regular investments in a Fund. The Plan promotes a long-term strategy of investing at a lower cost. All shares acquired pursuant to the Plan receive voting rights. In addition, if the market price plus commissions of a Fund&#146;s shares
is above the net asset value, participants in the Plan will receive shares of the Fund for less than they could otherwise purchase them and with a cash value greater than the value of any cash distribution they would have received. However, there
may not be enough shares available in the market to make distributions in shares at prices below the net asset value. Also, since the Funds do not redeem shares, the price on resale may be more or less than the net asset value.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Plan Fees </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151; There are no enrollment fees or brokerage fees for participating in the
Plan.The Plan Agents&#146; service fees for handling the reinvestment of distributions are paid for by each Fund. However, brokerage commissions may be incurred when a Fund purchase shares on the open market and shareholders will pay a pro rata
share of any such commissions.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Tax Implications </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151; The automatic reinvestment of dividends and distributions will not
relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends. Therefore, income and capital gains may still be realized even though shareholders do not receive cash. The value of
shares acquired pursuant to the Plan will generally be excluded from gross income to the extent that the cash amount reinvested would be excluded from gross income. If, when a Fund&#146;s shares are trading at a market premium, a Fund issues shares
pursuant to the Plan that have a greater fair market value than the amount of cash reinvested, it is possible that all or a portion of the discount from the market value (which may not exceed 5% of the fair market value of a Fund&#146;s shares)
could be viewed as a taxable distribution. If the discount is viewed as a taxable distribution, it is also possible that the taxable character of this discount would be allocable to all the shareholders, including shareholders who do not participate
in the Plan. Thus, shareholders who do not participate in the Plan might be required to report as ordinary income a portion of their distributions equal to their allocable share of the discount.</FONT></P>
<P align="left">
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Contact Information </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151; All correspondence concerning the Plan, including any questions about
the Plan, should be directed to the Plan Agent at the following addresses: Shareholders of BlackRock MuniYield Fund, Inc. and BlackRock MuniYield Quality Fund II, Inc. should contact BNY Mellon Shareowner Services, P.0. Box 385035, Pittsburgh, PA
15252-8055, Telephone: (800) 432-8224 and shareholders of BlackRock MuniYield Quality Fund, Inc. should contact Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078, Telephone: (800) 699-1BFM or overnight correspondence should
be directed to the Plan Agent at 250 Royall Street, Canton, MA 02021.</FONT></P>
<P align="left"><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;43</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p44">&nbsp;</A></font></p></P>



<A name="page_44"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Officers and Directors</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="40%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="14%" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Name, Address</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>and Year of Birth</FONT></B></TD>
     <TD width="2%" colspan="-1">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Position(s)</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Held with</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Funds</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Length of Time</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Served as a</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Director</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=left width="40%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Principal Occupation(s) During Past Five Years</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Number of</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock-</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Advised Funds</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>and Portfolios</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Overseen</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=left width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Public Directorships</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left nowrap bgColor=#e9f1fb style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Non-Interested Directors</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP></B>  </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=left width="40%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=left width="5%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="11%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=left width="11%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="14%" align=left vAlign=top noWrap style="BORDER-BOTTOM: #000000 1pt solid"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Richard E. Cavanagh</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1946</FONT></TD>
     <TD width="2%" colspan="-1" style="BORDER-BOTTOM: #000000 1pt solid">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chairman of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Board and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="40%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trustee, Aircraft Finance Trust since 1999; Director, The Guardian Life </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Insurance Company of America since 1998; Trustee, Educational Testing </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Service since 1997; Director, The Fremont Group since 1996; Formerly </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>President and Chief Executive Officer of The Conference Board, Inc. </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(global business research organization) from 1995 to 2007.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Arch Chemical</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(chemical and allied</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>products)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="14%" align=left vAlign=top noWrap style="BORDER-BOTTOM: #000000 1pt solid"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Karen P. Robards</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1950</FONT></TD>
     <TD width="2%" colspan="-1" style="BORDER-BOTTOM: #000000 1pt solid">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Vice Chair</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>of the Board,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chair of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Audit</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Committee</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Director</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="40%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Partner of Robards &amp; Company, LLC (financial advisory firm) since </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1987; Co-founder and Director of the Cooke Center for Learning and </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Development (a not-for-profit organization) since 1987; Formerly </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director of Enable Medical Corp. from 1996 to 2005; Formerly an </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>investment banker at Morgan Stanley from 1976 to 1987.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AtriCure, Inc. (med-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>ical devices); Care</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investment Trust, Inc.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(health care REIT)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="14%" align=left vAlign=top noWrap style="BORDER-BOTTOM: #000000 1pt solid"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>G. Nicholas Beckwith, III</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1945</FONT></TD>
     <TD width="2%" colspan="-1" style="BORDER-BOTTOM: #000000 1pt solid">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="40%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chairman and Chief Executive Officer, Arch Street Management, LLC </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Beckwith Family Foundation) and various Beckwith property compa</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>nies since 2005; Chairman of the Board of Directors, University of </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pittsburgh Medical Center since 2002; Board of Directors, Shady Side </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hospital Foundation since 1977; Board of Directors, Beckwith Institute </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>for Innovation In Patient Care since 1991; Member, Advisory Council on </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bio

logy and Medicine, Brown University since 2002; Trustee, Claude </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Worthington Benedum Foundation (charitable foundation) since 1989; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Board of Trustees, Chatham University since 1981; Board of Trustees, </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University of Pittsburgh since 2002; Emeritus Trustee, Shady Side </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Academy since 1977; Formerly Chairman and Manager, Penn West </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Industrial Trucks LLC (sales, rental and servicing of material handling </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>equipment) from 2005 to 2007; Formerly Chairman, President and </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chief Executive Officer, Beckwith Ma
chinery Company (sales, rental </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and servicing of construction equipment) from 1985 to 2005; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Formerly Board of Directors, National Retail Properties (REIT) from </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2006 to 2007.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="14%" align=left vAlign=top noWrap style="BORDER-BOTTOM: #000000 1pt solid"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Kent Dixon</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1937</FONT></TD>
     <TD width="2%" colspan="-1" style="BORDER-BOTTOM: #000000 1pt solid">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Audit</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Committee</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="40%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Consultant/Investor since 1988.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="14%" align=left vAlign=top noWrap style="BORDER-BOTTOM: #000000 1pt solid"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Frank J. Fabozzi</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1948</FONT></TD>
     <TD width="2%" colspan="-1" style="BORDER-BOTTOM: #000000 1pt solid">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Audit</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Committee</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="40%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Consultant/Editor of The Journal of Portfolio Management since 2006; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Professor in the Practice of Finance and Becton Fellow, Yale University, </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>School of Management since 2006; Formerly Adjunct Professor of </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Finance and Becton Fellow, Yale University from 1994 to 2006.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="14%" align=left vAlign=top noWrap style="BORDER-BOTTOM: #000000 1pt solid"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Kathleen F. Feldstein</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1941</FONT></TD>
     <TD width="2%" colspan="-1" style="BORDER-BOTTOM: #000000 1pt solid">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="40%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>President of Economics Studies, Inc. (private economic consulting firm) </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>since 1987; Chair, Board of Trustees, McLean Hospital from 2000 </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>to 2008 and Trustee Emeritus thereof since 2008; Member of the </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corporation of Partners Community Healthcare, Inc. since 2005; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of the Corporation of Partners HealthCare since 1995; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of the Corporation of Sherrill House (health care) since 1990; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trustee, Museum of

 Fine Arts, Boston since 1992; Member of the </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Visiting Committee to the Harvard University Art Museum since </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2003; Trustee, The Committee for Economic Development (research </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>organization) since 1990; Member of the Advisory Board to the </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>International School of Business, Brandeis University since 2002. </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The McClatchy</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Company</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(newspaper</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>publishing)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="14%" align=left vAlign=top noWrap style="BORDER-BOTTOM: #000000 1pt solid"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>James T. Flynn</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1939</FONT></TD>
     <TD width="2%" colspan="-1" style="BORDER-BOTTOM: #000000 1pt solid">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Audit</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Committee</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="40%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Formerly Chief Financial Officer of JPMorgan &amp; Co., Inc. from 1990 </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>to 1995</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT></TD></TR></TABLE>
<BR>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>44&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p45">&nbsp;</A></font>
</p></P>


<A name="page_45"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" colSpan=8><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Officers and Directors (continued)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Name, Address</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>and Year of Birth</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Position(s)</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Held with</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Funds</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Length of Time</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Served as a</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Director</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=left width="40%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Principal Occupation(s) During Past Five Years</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Number of</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock-</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Advised Funds</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>and Portfolios</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Overseen</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=left width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Public Directorships</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=left width="32%" bgColor=#e9f1fb colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Non-Interested Directors</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>1 </FONT></SUP></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(concluded)</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=left width="40%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="11%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=left width="11%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Jerrold B. Harris</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1942</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trustee, Ursinus College since 2000; Director, Troemner LLC (scientific </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>equipment) since 2000.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock-Kelso</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital Corp.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>R. Glenn Hubbard</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1958</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dean of Columbia Business School since 2004; Columbia faculty </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>member since 1988; Formerly Co-Director of Columbia Business </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>School&#146;s Entrepreneurship Program from 1997 to 2004; Visiting </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Professor at the John F. Kennedy School of Government at Harvard </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University and the Harvard Business School since 1985 and at the </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University of Chicago since 1994; Formerly Chairman of the U.S. </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Council of Economic Advisers under th
e President of the United States </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>from 2001 to 2003.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>ADP (data and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>information services);</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>KKR Financial</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corporation (finance);</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Duke Realty (real</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>estate); Metropolitan</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Life Insurance</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Company (insur-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>ance); Information</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Services Group</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(media/technology)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>W. Carl Kester</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1951</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Audit</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Committee</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mizuho Financial Group Professor of Finance, Harvard Business School </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Deputy Dean for Academic Affairs since 2006; Unit Head, Finance, </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Harvard Business School from 2005 to 2006; Senior Associate Dean </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Chairman of the MBA Program of Harvard Business School from </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1999 to 2005; Member of the faculty of Harvard Business School <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>since 1981; Independent Consultant since 1978.</FONT></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Robert S. Salomon, Jr.</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1936</FONT></TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Audit</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Committee</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 1996</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Formerly Principal of STI Management LLC (investment adviser) from </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1994 to 2005.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top noWrap align=left width="14%"><FONT size=1>&nbsp; </FONT></TD>
     <TD width="2%"><FONT size=1>&nbsp; </FONT></TD>
     <TD vAlign=top align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></TD>
     <TD vAlign=top align=left width="83%" colSpan=9><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top noWrap align=left width="14%"><FONT size=1>&nbsp; </FONT></TD>
     <TD width="2%"><FONT size=1>&nbsp; </FONT></TD>
     <TD vAlign=top align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2 </FONT></TD>
     <TD vAlign=top align=left width="83%" colSpan=9><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Following the combination of Merrill Lynch Investment Managers, L.P. (&#147;MLIM&#148;) and BlackRock, Inc. (&#147;BlackRock&#148;) in September 2006, the various </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, although the </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>chart shows directors as joining the Funds&#146; board in 2007, each director first became a member of the board of directors of other legacy MLIM or </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>legacy BlackRock Funds as follows: G. Nicholas Beckwith, III since 1999; Richard E. Cavanagh since 1994; Kent Dixon since 1988; Frank J. Fabozzi </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>since
 19
88; Kathleen F. Feldstein since 2005; James T. Flynn since 1996; Jerrold B. Harris since 1999; R. Glenn Hubbard since 2004; W. Carl Kester </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>since 1998; Karen P. Robards since 1998; and Robert S. Salomon, Jr. since 1996.</FONT></TD>
</TR></TABLE><BR>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;45</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p46">&nbsp;</A></font></p></P>


<A name="page_46"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" colSpan=10><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Officers and Directors (concluded)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Name, Address</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>and Year of Birth</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Position(s)</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Held with</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Funds</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Length of Time</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Served as a</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Director</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=left width="40%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Principal Occupation(s) During Past Five Years</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Number of</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock-</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Advised Funds</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>and Portfolios</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Overseen</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=left width="11%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Public Directorships</FONT></B></TD>
</TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=left width="23%" bgColor=#e9f1fb colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Interested Directors</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>1</FONT></SUP></B></TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=left width="38%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="11%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Richard S. Davis</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1945</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="40%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Managing Director, BlackRock, Inc. since 2005; Formerly Chief </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Executive Officer, State Street Research &amp; Management Company from </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2000 to 2005; Formerly Chairman of the Board of Trustees, State </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Street Research Mutual Funds from 2000 to 2005; Formerly Chairman, </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>SSR Realty from 2000 to 2004.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>184 Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>295 Portfolios</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Henry Gabbay</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1947</FONT></TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="40%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Consultant, BlackRock, Inc. since 2007; Formerly Managing Director, </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock, Inc. from 1989 to 2007; Formerly Chief Administrative </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officer, BlackRock Advisors, LLC from 1998 to 2007; Formerly </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>President of BlackRock Funds and BlackRock Bond Allocation Target </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Shares from 2005 to 2007; Formerly Treasurer of certain closed-end </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>funds in the BlackRock fund complex from 1989 to 2006.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>184 Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>295 Portfolios</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="11%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="14%"><FONT size=1>&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%"><FONT size=1>&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="83%" colSpan=12><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mr. Davis is an &#147;interested person,&#148; as defined in the Investment Company Act of 1940, of the Fund based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an &#147;interested person&#148; of the Fund due to his consulting arrangement with BlackRock, Inc. as well as his ownership of </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock, Inc. and PNC securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.</FONT></TD></TR>
<TR>
     <TD noWrap align=left width="14%"><FONT size=1>&nbsp;</FONT></TD>
     <TD width="2%"><FONT size=1>&nbsp;</FONT></TD>
     <TD noWrap align=left width="84%" colSpan=13><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Name, Address</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>and Year of Birth</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Position(s)</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Held with</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Funds</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Length of</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Time</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Served</FONT></B></TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=left width="66%" colSpan=8><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Principal Occupation(s) During Past Five Years</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=left width="23%" bgColor=#e9f1fb colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Fund Officers</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>2</FONT></SUP></B></TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=left width="38%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=left width="11%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=left width="10%" bgColor=#e9f1fb>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e9f1fb>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Donald C. Burke</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1960</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fund</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>President and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chief Executive</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officer</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="66%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Managing Director of BlackRock, Inc. since 2006; Formerly Managing Director of Merrill Lynch Investment Managers, </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>L.P. </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(&#147;MLIM&#148;) and Fund Asset Management, L.P. (&#147;FAM&#148;) in 2006; First Vice President thereof from 1997 to 2005; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Treasurer thereof from 1999 to 2006 and Vice President thereof from 1990 to 1997.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Anne F. Ackerley</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1962</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Vice</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>President</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="66%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Managing Director of BlackRock, Inc. since 2000; Chief Operating Officer of BlackRock&#146;s U.S. Retail Group since </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2006; Head of BlackRock&#146;s Mutual Fund Group fro</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>m 2000 to 2006; Merrill Lynch &amp; Co., Inc. from 1984 to </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1986 and from 1988 to 2000, most recently as First Vice President and Operating Officer of the Mergers and </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Acquisitions Group.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Neal J. Andrews</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1966</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chief</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Financial</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officer</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="66%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Managing Director of BlackRock, Inc. since 2006; Formerly Senior Vice President and Line of Business Head of </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. (formerly PFPC Inc.) from </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1992 to 2006.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Jay M. Fife</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1970</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Treasurer</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="66%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Formerly Assistant Treasurer of the </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MLIM/FAM-advised Funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Brian P. Kindelan</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1959</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chief</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Compliance</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officer of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Funds</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="66%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chief Compliance Officer of the BlackRock-advised Funds since 2007; Anti-Money Laundering Officer of the </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock-advised Funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director and Senior Counsel of BlackRock Advisors, Inc. from 2001 to 2004 and Vice President and Senior </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Counsel thereof from 1998 to 2000; Formerly Senior Counsel of The PNC Bank Corp. from 1995 to 1998.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Howard B. Surloff</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1965</FONT></TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%" colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Secretary</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="66%" colSpan=8><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Managing Director of BlackRock, Inc. and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; Formerly </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>General Counsel (U.S.) of Goldman Sachs Asset Management, L.P. from 1993 to 2006.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="14%"><FONT size=1>&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%"><FONT size=1>&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2 </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="83%" colSpan=12><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officers of the Funds serve at the pleasure of the Board of Directors.</FONT></TD></TR></TABLE><BR>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>46&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p47">&nbsp;</A></font>
</p></P>


<A name="page_47"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>BlackRock Closed-End Funds</FONT></P>
<TABLE width="100%" border=0 cellPadding=0 cellSpacing=0>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Accounting Agent</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Independent Registered Public</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Legal Counsel</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Address of the Funds</FONT></B> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>State Street Bank and</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Accounting Firm</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Skadden, Arps, Slate,</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>P.O. Box 9011</FONT> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trust Company</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Deloitte &amp; Touche LLP</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Meagher &amp; Flom LLP</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Princeton, NJ 08543-9011</FONT> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Princeton, NJ 08540</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Princeton, NJ 08540</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10036</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR>
<TR>
     <TD colSpan=7><font size="1">&nbsp;</font> </TD>
</TR>
<TR>
     <TD colSpan=7><font size="1">&nbsp;</font> </TD>
</TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Fund, Inc. and</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund II, Inc.</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD noWrap align=left colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund, Inc.</FONT></B> </TD>
</TR>
<TR>
     <TD noWrap align=left colSpan=3><font size="1">&nbsp;</font></TD>
     <TD width="5%"><font size="1">&nbsp;</font></TD>
     <TD noWrap align=left colSpan=3><font size="1">&nbsp;</font></TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Custodian</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Custodian</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The Bank of New York Mellon</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>State Street Bank and</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10286</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trust Company</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Boston, MA 02101</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Transfer Agent</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=1>Common Shares and</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Transfer Agents</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares:</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=1>Common Shares:</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BNY Mellon Shareowner Services</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Computershare Trust Company, N.A.</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jersey City, NJ 07310</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Providence, RI 02940</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR>
<TR>
     <TD colSpan=7><font size="1">&nbsp;</font> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares:</FONT></B> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BNY Mellon Shareowner Services</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR>
<TR vAlign=bottom>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
     <TD width="20%" align=left noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jersey City, NJ 07310</FONT> </TD>
     <TD width="5%"><font size="1">&nbsp;</font> </TD>
<TD width="20%" align=left noWrap><font size="1">&nbsp;</font> </TD>
</TR></TABLE>
<BR>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;47</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p48">&nbsp;</A></font></p></P>


<A name="page_48"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="100%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Additional Information</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Proxy Results</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="100%" rowSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Annual Meeting of Shareholders was held on September 12, 2008 for shareholders of record on July 14, 2008, to elect director </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>nominees of each Fund:</FONT></TD></TR>
<TR vAlign=bottom></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Approved the Directors as follows:</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>G. Nicholas Beckwith, III</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Kent Dixon</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>R. Glenn Hubbard</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Fund, Inc.</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,047,318</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,336,370</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,046,065</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,337,623</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,049,258</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,334,430</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund II, Inc.</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,697,597</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>849,335</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,704,597</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>842,335</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,700,633</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>846,299</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund, Inc.</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,667,896</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>888,083</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,660,294</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>895,685</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,663,213</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>892,766</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>W. Carl Kester</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Robert S. Salomon, Jr.</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Richard S. Davis</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Fund, Inc.</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,548</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,425</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,041,489</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,342,199</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,059,992</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,323,696</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund II, Inc.</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,349</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>65</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,693,903</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>853,029</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,703,835</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>843,097</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund, Inc.</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,962</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>123</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,660,113</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>895,866</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,674,073</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>881,906</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Frank J. Fabozzi</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>James T. Flynn</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Karen </FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>P. Robards</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Fund, Inc.</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,548</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,425</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,048,779</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,334,909</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,049,047</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,334,641</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund II, Inc.</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,349</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>65</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,696,969</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>849,963</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,704,720</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>842,212</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund, Inc.</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,962</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>123</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,661,471</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>894,508</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,664,032</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>891,947</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Richard E. Cavanagh</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Kathleen F. Feldstein</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Henry Gabbay</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Fund, Inc.</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,064,207</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,319,481</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,046,234</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,337,454</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,056,659</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,327,029</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund II, Inc.</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,706,337</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>840,595</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,689,027</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>857,905</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,705,552</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>841,380</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund, Inc.</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,671,329</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>884,650</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,663,106</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>892,873</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,669,834</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>886,145</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Jerrold B. Harris</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Fund, Inc.</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,046,406</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,337,282</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund II, Inc.</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,705,052</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>841,880</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund, Inc.</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,670,168</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>885,811</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#f4f9fd>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Voted on by holders of Preferred Shares only.</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>48&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#7791bf; width:100%" size=1><A name="p49">&nbsp;</A></font>
</p></P>


<A name="page_49"></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="100%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Additional Information (continued)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Dividend Policy</FONT></B> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds dividend policy is to distribute all or a portion of their net investment income to their shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the Funds may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>addition to net investment income earned in that month.As a result, the dividends paid by the Funds for any particular month may be more or less than the amount of net investment income earned by the Funds during such month.The Funds&#146; current accumulated but undistributed net investment income, if any, is disclosed in the Statement of Assets and Liabilities, which comprises part of the financial information included in this report
.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Fund Certification</FONT></B> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds are listed for trading on the New York Stock Exchange (&#147;NYSE&#148;) and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE&#146;s listing standards. Each Fund </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>filed with the Securities and Exchange Commission (&#147;SEC&#148;) the certification of their chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Availability of Quarterly Schedule of Investments</FONT></B> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds&#146; Forms N-Q are available on the SEC&#146;s website at http://www.sec.gov and may also be reviewed and copied at the SEC&#146;s Public Reference Room </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Fund&#146;s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Electronic Delivery</FONT></B> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Electronic copies of most financial reports are available on the Funds&#146; websites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports by enrolling in the Funds&#146; electronic delivery program.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:<BR>
</FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>General Information</FONT></B> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds do not make available copies of their Statements of Additional Information because the Funds&#146; shares are not continuously offered, which means that the Statement of Additional Information of each Fund has not been updated after completion of the respective Fund&#146;s offerings and the information contained in each Fund&#146;s Statement of Additional Information may have become outdated.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>During the period, there were no material changes in the Funds&#146; investment objectives or policies or to the Funds&#146; charters or by-laws that were not approved by the shareholders or in the principal risk factors associated with investment in the Funds. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Funds&#146; portfolio.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called &#147;householding&#148; and it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Funds at (800) 441-7762.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Quarterly performance, semi-annual and annual reports and other information regarding the Funds may be found on BlackRock&#146;s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock&#146;s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock&#146;s website into this report.</FONT></P>
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       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
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       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;49</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
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     </TABLE>
     <font style="background-color:#7791bf; width:100%" size=1><A name="p50">&nbsp;</A></font></p></P>


<A name="page_50"></A>
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     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="100%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Additional Information (concluded)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Articles Supplementary</FONT></B> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Effective September 13, 2008, following approval by the Funds&#146; Board and the applicable rating agencies, the Board amended the terms of the Funds&#146; Preferred Shares in order to allow the Funds to enter into TOB transactions, the proceeds of which were used to redeem a portion of the Funds&#146; Preferred Shares. Accordingly, the definition of Inverse Floaters </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>was amended to incorporate the Funds&#146; permissible ratio of floating rate instruments into inverse floating rate instruments. Additionally, conforming changes and certain formula modifications concerning inverse floaters were made to the definitions of Moody&#146;s Discount Factor and S&amp;P Discount Factor, as applicable, to integrate the Fund&#146;s investments in TOBs into applicable calculations.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>BlackRock Privacy Principles</FONT></B> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, &#147;Clients&#148;) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 2pt double; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#e9f1fb><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Section 19 Notices</FONT></B> </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund&#146;s investment experience during the year and may be subject to changes based on </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the tax regulations. Each Fund will send you a Form 1099-DIV each calendar year that will tell you how to report these distributions for federal income tax purposes.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" align=center width="35%" colSpan=13><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Fiscal Year to Date</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1pt solid" width="8%">&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1pt solid" align=center width="35%" colSpan=11><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Percentage of Fiscal Year to Date</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="35%" colSpan=13><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Cumulative Distributions by Character</FONT></B> </TD>
     <TD width="8%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="35%" colSpan=11><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Cumulative Distributions by Character</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="2%">&nbsp; </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%">&nbsp; </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="2%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="2%">&nbsp; </TD>
     <TD width="8%">&nbsp; </TD>
     <TD noWrap align=center width="3%">&nbsp; </TD>
     <TD noWrap align=center width="2%">&nbsp; </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="3%">&nbsp; </TD>
     <TD noWrap align=center width="2%">&nbsp; </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Realized</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Return</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Per</FONT></B> </TD>
     <TD width="8%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Realized</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Return</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Per</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Investment</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Capital</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>of</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Common</FONT></B> </TD>
     <TD width="8%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Investment</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Capital</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>of</FONT></B> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Common</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="5%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Income</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="5%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Gains</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Capital</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="5%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Share</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="5%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Income</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="5%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Gains</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="5%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Capital</FONT></B> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="5%" colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Share</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Fund, Inc.</FONT> </TD>
     <TD width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="2%" bgColor=#f4f9fd>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.795</FONT> </TD>
     <TD width="5%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD width="5%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="5%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD width="5%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=left width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=center width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.795</FONT> </TD>
     <TD width="8%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>100</FONT> </TD>
     <TD noWrap align=left width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="5%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0</FONT> </TD>
     <TD noWrap align=left width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="5%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0</FONT> </TD>
     <TD noWrap align=left width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="5%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD noWrap align=right width="3%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>100</FONT> </TD>
     <TD noWrap align=left width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund, Inc.</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.681</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.073</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=center width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.754</FONT> </TD>
     <TD width="8%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>90</FONT> </TD>
     <TD noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10</FONT> </TD>
     <TD noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0</FONT> </TD>
     <TD noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD>
     <TD width="5%">&nbsp; </TD>
     <TD noWrap align=right width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>100</FONT> </TD>
     <TD noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>%</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Quality Fund II, Inc.</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%" bgColor=#f4f9fd>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.600</FONT> </TD>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" bgColor=#f4f9fd>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#f4f9fd><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#f4f9fd>&nbsp; </TD>
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<P align=left><p><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
       <TR>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="17%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="53%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="2%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="24%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
         <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><font size="1">&nbsp;</font></TD>
       </TR>
       <TR vAlign=bottom>
         <TD noWrap align=left width="17%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>50&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT&nbsp;</FONT></TD>
         <TD width="2%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=left width="24%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>OCTOBER 31, 2008&nbsp;</FONT></TD>
         <TD width="1%"><font size="1">&nbsp;</font></TD>
         <TD noWrap align=right width="1%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
       </TR>
       <TR>
         <TD COLSPAN="7"><BR style="PAGE-BREAK-AFTER: always" clear=all></TD>
       </TR>
     </TABLE>
<font style="background-color:#ffffff; width:100%" size=1><A name="p51">&nbsp;</A></font>
</p></P>


<A name="page_51"></A>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Funds have leveraged their Common Shares. Leverage creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in the short-term dividend rates of the Preferred Shares, currently set at the maximum reset rate as a result of failed auctions, may affect the yield to Common Shareholders. Statements and other information herein are as dated and are subject to change.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 441-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission&#146;s website at http://www.sec.gov. Information about how the Funds voted proxies relating to securities held in the Funds&#146; portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the Securities and Exchange Commission&#146;s website at http://www.sec.gov.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Fund, Inc.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Quality Fund, Inc.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Quality Fund II, Inc.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>100 Bellevue Parkway</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Wilmington, DE 19809</FONT></P>
<P align=left><FONT face=Arial size=2></FONT>&nbsp;</P>
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<IMG src="e604866_ncsr-muniyieldfx51x2.jpg" border=0>
<BR>
<BR>
#MYQII-10/08</FONT></P>
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<IMG src="e604866_ncsr-muniyieldfx51x1.jpg" border=0>
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        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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      2 &#8211;</font></div>
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              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Code
      of Ethics &#8211; The registrant (or the &#8220;Fund&#8221;) has adopted a code of ethics,
      as of the end of the period covered by this report, applicable to the
      registrant&#8217;s principal executive officer, principal financial officer and
      principal accounting officer, or persons performing similar functions.
      During the period covered by this report, there have been no amendments to
      or waivers granted under the code of ethics. A copy of the code of ethics
      is available without charge at
  www.blackrock.com.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      3 &#8211;</font></div>
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            <td align="left">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      Committee Financial Expert &#8211; The registrant&#8217;s board of directors or
      trustees, as applicable (the &#8220;board of directors&#8221;) has determined that (i)
      the registrant has the following audit committee financial experts serving
      on its audit committee and (ii) each audit committee financial expert is
      independent:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kent
Dixon<br></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Frank J.
Fabozzi<br></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">James T.
Flynn<br></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">W. Carl
Kester<br></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Karen P.
Robards<br></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Robert S.
Salomon, Jr.</font></div>
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registrant&#8217;s board of directors has determined that W. Carl Kester and Karen P.
Robards qualify as financial experts pursuant to Item 3(c)(4) of Form
N-CSR.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prof.
Kester has a thorough understanding of generally accepted accounting principles,
financial statements and internal control over financial reporting as well as
audit committee functions. Prof. Kester has been involved in providing valuation
and other financial consulting services to corporate clients since 1978. Prof.
Kester&#8217;s financial consulting services present a breadth and level of complexity
of accounting issues that are generally comparable to the breadth and complexity
of issues that can reasonably be expected to be raised by the registrant&#8217;s
financial statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms.
Robards has a thorough understanding of generally accepted accounting
principles, financial statements and internal control over financial reporting
as well as audit committee functions. Ms. Robards has been President of Robards
&amp; Company, a financial advisory firm, since 1987. Ms. Robards was formerly
an investment banker for more than 10 years where she was responsible for
evaluating and assessing the performance of companies based on their financial
results. Ms. Robards has over 30 years of experience analyzing financial
statements. She also is a member of the audit committee of one publicly held
company and a non-profit organization.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
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applicable securities laws, a person determined to be an audit committee
financial expert will not be deemed an &#8220;expert&#8221; for any purpose, including
without limitation for the purposes of Section 11 of the Securities Act of 1933,
as a result of being designated or identified as an audit committee financial
expert. The designation or identification as an audit committee financial expert
does not impose on such person any duties, obligations, or liabilities greater
than the duties, obligations, and liabilities imposed on such person as a member
of the audit committee and board of directors in the absence of such designation
or identification.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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    </div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
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      All Other Fees<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">3</font></font></div>
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      End</font></font></div>
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      End</font></font></div>
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      End</font></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Previous Fiscal Year
      End</font></font></div>
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            <td valign="bottom" width="8%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
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      End</font></font></div>
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            <td valign="bottom" width="8%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Previous Fiscal Year
      End</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="13%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="8%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="8%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="8%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="8%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="8%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="8%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="8%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="13%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BlackRock
      MuniYield Quality Fund, Inc.</font></div>
            </td>
            <td valign="middle" width="9%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$35,800</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$55,450</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$3,500</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$3,500</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$6,100</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$6,100</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,049</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,042</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1 The
nature of the services include assurance and related services reasonably related
to the performance of the audit of financial statements not included in Audit
Fees.</font></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2 The
nature of the services include tax compliance, tax advice and tax
planning.</font></div>
    </div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3 The
nature of the services include a review of compliance procedures and attestation
thereto.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)(1)
Audit Committee Pre-Approval Policies and Procedures:</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
registrant&#8217;s audit committee (the &#8220;Committee&#8221;) has adopted policies and
procedures with regard to the pre-approval of services. Audit, audit-related and
tax compliance services provided to the registrant on an annual basis require
specific pre-approval by the Committee. The Committee also must approve other
non-audit services provided to the registrant and those non-audit services
provided to the registrant&#8217;s affiliated service providers that relate directly
to the operations and the financial reporting of the registrant. Certain of
these non-audit services that the Committee believes are a) consistent with the
SEC&#8217;s auditor independence rules and b) routine and recurring services that will
not impair the independence of the independent accountants may be approved by
the Committee without consideration on a specific case-by-case basis (&#8220;general
pre-approval&#8221;). The term of any general pre-approval is 12 months from the date
of the pre-approval, unless the Committee provides for a different period. Tax
or other non-audit services provided to the registrant which have a direct
impact on the operation or financial reporting of the registrant will only be
deemed pre-approved provided that any individual project does not exceed $10,000
attributable to the registrant or $50,000 for all of the registrants the
Committee oversees. For this purpose, multiple projects will be aggregated to
determine if they exceed the previously mentioned cost levels.</font></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
proposed services exceeding the pre-approved cost levels will require specific
pre-approval by the Committee, as will any other services not subject to general
pre-approval (e.g., unanticipated but permissible services). The Committee is
informed of each service approved subject to general pre-approval at the next
regularly scheduled in-person board meeting. At this meeting, an analysis of
such services is presented to the Committee for ratification. The Committee may
delegate to one or more of its members the authority to approve the provision of
and fees for any specific engagement of permitted non-audit services, including
services exceeding pre-approved cost levels.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)(2)
None of the services described in each of Items 4(b) through (d) were approved
by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f) Not
Applicable</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(g) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Affiliates&#8217; Aggregate
Non-Audit Fees:</font></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table cellpadding="0" cellspacing="0" width="70%">
          <tr>
            <td valign="bottom" width="19%" style="BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Entity
      Name</font></font></div>
            </td>
            <td valign="bottom" width="15%" style="BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Current Fiscal Year
      End</font></font></div>
            </td>
            <td valign="bottom" width="14%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Previous Fiscal Year
      End</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="19%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">&#160;</td>
            <td valign="top" width="15%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">&#160;</td>
            <td valign="top" width="14%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="19%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">BlackRock
      MuniYield Quality Fund, Inc.</font></div>
            </td>
            <td valign="middle" width="15%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$298,149</font></div>
            </td>
            <td valign="middle" width="14%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$295,142</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(h) The
registrant&#8217;s audit committee has considered and determined that the provision of
non-audit services that were rendered to the registrant&#8217;s investment adviser
(not including any non-affiliated sub-adviser whose role is primarily portfolio
management and is subcontracted with or overseen by the registrant&#8217;s investment
adviser), and any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal accountant&#8217;s
independence.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Regulation
S-X Rule 2-01(c)(7)(ii) &#8211; $287,500, 0%</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      5 &#8211;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Audit
      Committee of Listed Registrants &#8211; The following individuals are members of
      the registrant&#8217;s separately-designated standing audit committee
      established in accordance with Section 3(a)(58)(A) of the Securities
      Exchange Act of 1934 (15 U.S.C.
78c(a)(58)(A)):</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kent
Dixon<br></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Frank J.
Fabozzi<br></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">James T.
Flynn<br></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">W. Carl
Kester<br></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Karen P.
Robards<br></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Robert S.
Salomon, Jr.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      6 &#8211;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investments</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a) The
registrant&#8217;s Schedule of Investments is included as part of the Report to
Stockholders filed under Item 1 of this form.<br></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b) Not
Applicable due to no such divestments during the semi-annual period covered
since the previous Form N-CSR filing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      7 &#8211;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Disclosure
      of Proxy Voting Policies and Procedures for Closed-End Management
      Investment Companies &#8211; The board of directors has delegated the voting of
      proxies for the Fund securities to the Fund&#8217;s investment advisor
      (&#8220;Investment Adviser&#8221;) pursuant to the Investment Adviser&#8217;s proxy voting
      guidelines. Under these guidelines, the Investment Adviser will vote
      proxies related to Fund securities in the best interests of the Fund and
      its stockholders. From time to time, a vote may present a conflict between
      the interests of the Fund&#8217;s stockholders, on the one hand, and those of
      the Investment Adviser, or any affiliated person of the Fund or the
      Investment Adviser, on the other. In such event, provided that the
      Investment Adviser&#8217;s Equity Investment Policy Oversight Committee, or a
      sub-committee thereof (the &#8220;Oversight Committee&#8221;) is aware of the real or
      potential conflict or material non-routine matter and if the Oversight
      Committee does not reasonably believe it is able to follow its general
      voting guidelines (or if the particular proxy matter is not addressed in
      the guidelines) and vote impartially, the Oversight Committee may retain
      an independent fiduciary to advise the Oversight Committee on how to vote
      or to cast votes on behalf of the Investment Adviser&#8217;s clients. If the
      Investment Adviser determines not to retain an independent fiduciary, or
      does not desire to follow the advice of such independent fiduciary, the
      Oversight Committee shall determine how to vote the proxy after consulting
      with the Investment Adviser&#8217;s Portfolio Management Group and/or the
      Investment Adviser&#8217;s Legal and Compliance Department and concluding that
      the vote cast is in its client&#8217;s best interest notwithstanding the
      conflict. A copy of the Fund&#8217;s Proxy Voting Policy and Procedures are
      attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies
      relating to portfolio securities during the most recent 12-month period
      ended June 30 is available without charge, (i) at www.blackrock.com and
      (ii) on the SEC&#8217;s website at <font style="DISPLAY: inline; TEXT-DECORATION: underline">http://www.sec.gov</font>.</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      8 &#8211;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Portfolio
      Managers of Closed-End Management Investment Companies &#8211; as of October 31,
      2008.</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)(1)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BlackRock
MuniYield Quality Fund, Inc. is managed by a team of investment professionals
comprised of Michael A. Kalinoski, Theodore R. Jaeckel, Jr., CFA, and Walter
O&#8217;Connor. Each is a member of BlackRock&#8217;s municipal tax-exempt management group.
Each is jointly responsible for the day-to-day management of the Fund&#8217;s
portfolio, which includes setting the Fund&#8217;s overall investment strategy,
overseeing the management of the Fund and/or selection of its investments.
Messrs. Jaeckel and O&#8217;Connor have been members of the Fund&#8217;s management team
since 2006. Mr. Kalinoski has been a member of the Fund&#8217;s portfolio management
team since 2000.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Jaeckel joined BlackRock in 2006. Prior to joining BlackRock, he was a Managing
Director (Municipal Tax-Exempt Fund Management) of Merrill Lynch Investment
Managers, L.P. (&#8220;MLIM&#8221;) from 2005 to 2006 and a Director of MLIM from 1997 to
2005. He has been a portfolio manager with BlackRock or MLIM since
1991.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
O&#8217;Connor joined BlackRock in 2006. Prior to joining BlackRock, he was a Managing
Director (Municipal Tax-Exempt Fund Management) of MLIM from 2003 to 2006 and
was a Director of MLIM from 1997 to 2002. He has been a portfolio manager with
BlackRock or MLIM since 1991.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Kalinoski joined BlackRock in 2006. Prior to joining BlackRock, he was Director
(Municipal Tax-Exempt Fund Management) of MLIM since 2006 and a Vice President
from 1999 to 2006. He has been a portfolio manager of BlackRock or MLIM since
1999.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)(2)</font>
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
of October 31, 2008:</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="19%" style="BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="3" valign="bottom" width="33%" style="BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Number
      of Other Accounts Managed</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">and
      Assets by Account Type</font></div>
            </td>
            <td colspan="3" valign="bottom" width="30%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Number&#160;of&#160;Other&#160;Accounts&#160;and</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Assets&#160;for
      Which Advisory Fee is</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Performance-Based</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="19%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name
      of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Portfolio
      Manager</font></div>
            </td>
            <td valign="bottom" width="12%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Registered</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Companies</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other
      Pooled</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vehicles</font></div>
            </td>
            <td valign="bottom" width="11%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Accounts</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Registered</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Companies</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other
      Pooled</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vehicles</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Accounts</font></div>
            </td>
          </tr>
          <tr bgcolor="#f4f9fd">
            <td align="left" valign="top" width="19%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Theodore
      R. Jaeckel, Jr.</font></div>
            </td>
            <td valign="bottom" width="12%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">81</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
            </td>
            <td valign="bottom" width="11%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="19%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="12%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$16.62
      Billion</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0</font></div>
            </td>
            <td valign="bottom" width="11%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0</font></div>
            </td>
          </tr>
          <tr bgcolor="#f4f9fd">
            <td align="left" valign="top" width="19%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Walter
      O&#8217;Connor</font></div>
            </td>
            <td valign="bottom" width="12%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">81</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
            </td>
            <td valign="bottom" width="11%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="19%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="12%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$16.62
      Billion</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0</font></div>
            </td>
            <td valign="bottom" width="11%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0</font></div>
            </td>
            <td valign="bottom" width="10%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0</font></div>
            </td>
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      A. Kalinoski</font></div>
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            <td valign="bottom" width="12%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6</font></div>
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            <td valign="bottom" width="10%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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      <div id="HDR">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Potential
Material Conflicts of Interest</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BlackRock,
Inc. and its affiliates (collectively, herein &#8220;BlackRock&#8221;) has built a
professional working environment, firm-wide compliance culture and compliance
procedures and systems designed to protect against potential incentives that may
favor one account over another. BlackRock has adopted policies and procedures
that address the allocation of investment opportunities, execution of portfolio
transactions, personal trading by employees and other potential conflicts of
interest that are designed to ensure that all client accounts are treated
equitably over time. Nevertheless, BlackRock furnishes investment management and
advisory services to numerous clients in addition to the Fund, and BlackRock
may, consistent with applicable law, make investment recommendations to other
clients or accounts (including accounts which are hedge funds or have
performance or higher fees paid to BlackRock, or in which portfolio managers
have a personal interest in the receipt of such fees), which may be the same as
or different from those made for the Fund. In addition, BlackRock, its
affiliates and any officer, director, stockholder or employee may or may not
have an interest in the securities whose purchase and sale BlackRock recommends
to the Fund. BlackRock, or any of its affiliates, or any officer, director,
stockholder, employee or any member of their families may take different actions
than those recommended to the Fund by BlackRock with respect to the same
securities. Moreover, BlackRock may refrain from rendering any advice or
services concerning securities of companies of which any of BlackRock&#8217;s (or its
affiliates&#8217;) officers, directors or employees are directors or officers, or
companies as to which BlackRock or any of its affiliates or the officers,
directors or employees of any of them has any substantial economic interest or
possesses material non-public information. Each portfolio manager also may
manage accounts whose investment strategies may at times be opposed to the
strategy utilized for a fund. In this regard, it should be noted that a
portfolio manager may currently manage certain accounts that are subject to
performance fees. In addition, a portfolio manager may assist in managing
certain hedge funds and may be entitled to receive a portion of any incentive
fees earned on such funds and a portion of such incentive fees may be
voluntarily or involuntarily deferred. Additional portfolio managers may in the
future manage other such accounts or funds and may be entitled to receive
incentive fees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a
fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each
client fairly. When BlackRock purchases or sells securities for more than one
account, the trades must be allocated in a manner consistent with its fiduciary
duties. BlackRock attempts to allocate investments in a fair and equitable
manner among client accounts, with no account receiving preferential treatment.
To this end, BlackRock has adopted a policy that is intended to ensure that
investment opportunities are allocated fairly and equitably among client
accounts over time. This policy also seeks to achieve reasonable efficiency in
client transactions and provide BlackRock with sufficient flexibility to
allocate investments in a manner that is consistent with the particular
investment discipline and client base.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)(3)</font>
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
of October 31, 2008:</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Portfolio
Manager Compensation Overview</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BlackRock&#8217;s
financial arrangements with its portfolio managers, its competitive compensation
and its career path emphasis at all levels reflect the value senior management
places on key resources. Compensation may include a variety of components and
may vary from year to year based on a number of factors. The principal
components of compensation include a base salary, a performance-based
discretionary bonus, participation in various benefits programs and one or more
of the incentive compensation programs established by BlackRock such as its
Long-Term Retention and Incentive Plan.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Base compensation. </font>Generally,
portfolio managers receive base compensation based on their seniority and/or
their position with the firm. Senior portfolio managers who perform additional
management functions within the portfolio management group or within BlackRock
may receive additional compensation for serving in these other
capacities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Discretionary
Incentive Compensation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Discretionary
incentive compensation is a function of several components: the performance of
BlackRock, Inc., the performance of the portfolio manager&#8217;s group within
BlackRock, the investment performance, including risk-adjusted returns, of the
firm&#8217;s assets under management or supervision by that portfolio manager relative
to predetermined benchmarks, and the individual&#8217;s seniority, role within the
portfolio management team, teamwork and contribution to the overall performance
of these portfolios and BlackRock. In most cases, including for the portfolio
managers of the Fund, these benchmarks are the same as the benchmark or
benchmarks against which the performance of the Fund or other accounts managed
by the portfolio managers are measured. BlackRock&#8217;s Chief Investment Officers
determine the benchmarks against which the performance of funds and other
accounts managed by each portfolio manager is compared and the period of time
over which performance is evaluated. With respect to the portfolio managers,
such benchmarks for the Fund include a combination of market-based indices
(e.g., Barclays Capital Municipal Bond Index), certain customized indices and
certain fund industry peer groups.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BlackRock&#8217;s
Chief Investment Officers make a subjective determination with respect to the
portfolio managers&#8217; compensation based on the performance of the funds and other
accounts managed by each portfolio manager relative to the various benchmarks
noted above. Performance is measured on both a pre-tax and after-tax basis over
various time periods including 1, 3, 5 and 10-year periods, as applicable.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Distribution
of Discretionary Incentive Compensation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Discretionary
incentive compensation is distributed to portfolio managers in a combination of
cash and BlackRock, Inc. restricted stock units which vest ratably over a number
of years. The BlackRock, Inc. restricted stock units, if properly vested, will
be settled in BlackRock, Inc. common stock. Typically, the cash bonus, when
combined with base salary, represents more than 60% of total compensation for
the portfolio managers. Paying a portion of annual bonuses in stock puts
compensation earned by a portfolio manager for a given year &#8220;at risk&#8221; based on
BlackRock&#8217;s ability to sustain and improve its performance over future
periods.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Long-Term Retention and Incentive
Plan (&#8220;LTIP&#8221;) &#8212; </font>The LTIP is a long-term incentive plan that seeks to
reward certain key employees. Beginning in 2006, awards are granted under the
LTIP in the form of BlackRock, Inc. restricted stock units that, if properly
vested and subject to the attainment of certain performance goals, will be
settled in BlackRock, Inc. common stock. Messrs. Jaeckel and O&#8217;Connor have each
received awards under the LTIP.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Deferred Compensation Program &#8212;
</font>A portion of the compensation paid to eligible BlackRock employees may be
voluntarily deferred into an account that tracks the performance of certain of
the firm&#8217;s investment products. Each participant in the deferred compensation
program is permitted to allocate his deferred amounts among the various
investment options. Messrs. Jaeckel, O&#8217;Connor and Kalinoski have each
participated in the deferred compensation program.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Other compensation benefits.
</font>In addition to base compensation and discretionary incentive
compensation, portfolio managers may be eligible to receive or participate in
one or more of the following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Incentive Savings Plans &#8212;</font>
BlackRock, Inc. has created a variety of incentive savings plans in which
BlackRock employees are eligible to participate, including a 401(k) plan, the
BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock
Purchase Plan (ESPP). The employer contribution components of the RSP include a
company match equal to 50% of the first 6% of eligible pay contributed to the
plan capped at $4,000 per year, and a company retirement contribution equal to
3% of eligible compensation, plus an additional contribution of 2% for any year
in which BlackRock has positive net operating income. The RSP offers a range of
investment options, including registered investment companies managed by the
firm. BlackRock contributions follow the investment direction set by
participants for their own contributions or, absent employee investment
direction, are invested into a balanced portfolio. The ESPP allows for
investment in BlackRock common stock at a 5% discount on the fair market value
of the stock on the purchase date. Annual participation in the ESPP is limited
to the purchase of 1,000 shares or a dollar value of $25,000. Each portfolio
manager is eligible to participate in these plans.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 45pt">
              </td>
              <td align="right" style="WIDTH: 27pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)(4)</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Beneficial Ownership of
      Securities.</font> As of October 31, 2008, the dollar range of securities
      beneficially owned by each portfolio manager in the Fund is shown
      below:</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
      <table cellpadding="0" cellspacing="0" width="60%">
          <tr>
            <td align="left" valign="top" width="20%" style="BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.15pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio
      Manager</font></font></div>
            </td>
            <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -2.55pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dollar
      Range of Equity Securities Beneficially Owned</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="20%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.15pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Theodore
      R. Jaeckel, Jr.</font></div>
            </td>
            <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -2.55pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1
      - $10,000</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="20%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.15pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Walter
      O&#8217;Connor</font></div>
            </td>
            <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -2.55pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">None</font></div>
            </td>
          </tr>
          <tr>
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      A. Kalinoski</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 9 &#8211;</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchases
      of Equity Securities by Closed-End Management Investment Company and
      Affiliated Purchasers &#8211; Not Applicable due to no such purchases during the
      period covered by this
report.</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 10 &#8211;</font></div>
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            <td align="left">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      of Matters to a Vote of Security Holders &#8211; The registrant&#8217;s Nominating and
      Governance Committee will consider nominees to the board of directors
      recommended by shareholders when a vacancy becomes available. Shareholders
      who wish to recommend a nominee should send nominations that include
      biographical information and set forth the qualifications of the proposed
      nominee to the registrant&#8217;s Secretary. There have been no material changes
      to these procedures.</font></div>
              </div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 11 &#8211;</font></div>
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              </div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11(a) &#8211;</font></div>
              </div>
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            <td align="left">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      registrant&#8217;s principal executive and principal financial officers or
      persons performing similar functions have concluded that the registrant&#8217;s
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the
      Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)) are effective
      as of a date within 90 days of the filing of this report based on the
      evaluation of these controls and procedures required by Rule 30a-3(b)
      under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of
      1934, as amended.</font></div>
              </div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11(b) &#8211;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      were no changes in the registrant&#8217;s internal control over financial
      reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred
      during the second fiscal quarter of the period covered by this report that
      have materially affected, or are reasonably likely to materially affect,
      the registrant&#8217;s internal control over financial
      reporting.</font></div>
              </div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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            <td align="left">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits
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          </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12(a)(1) &#8211;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12(a)(2) &#8211;</font></div>
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            <td align="left">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12(a)(3) &#8211;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
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to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates
indicated.</font></div>
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            <td align="left" nowrap valign="top" width="46%" style="BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;Neal
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          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">      </font>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
      Financial Officer (principal financial officer) of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BlackRock
      MuniYield Quality Fund, Inc.</font></div>
            </td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
December 19, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.PROXYPOL
<SEQUENCE>6
<FILENAME>e604866_ex99-proxypol.htm
<TEXT>
<html>
  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: E-Data Systems-->
    <!--Document Created using EDGARizer 4.0.5.0-->
    <!--Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved-->
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 36pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Proxy Voting
Policies</font></font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">For The
BlackRock-Advised Funds</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">May 30,
2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>

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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
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      <div>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Table of
Contents</font></div>
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    <div>
      <div>
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              </td>
            </tr>
            <tr bgcolor="#f4f9fd">
              <td valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Introduction</font></div>
              </td>
              <td align="right" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;1</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Proxy
      Voting Policies</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;2</font></div>
              </td>
            </tr>
            <tr bgcolor="#f4f9fd">
              <td valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Boards
      of Directors</font></div>
              </td>
              <td align="right" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;2</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Auditors</font></div>
              </td>
              <td align="right" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;2</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Compensation
      and Benefits</font></div>
              </td>
              <td align="right" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;2</font></div>
              </td>
            </tr>
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              <td valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Capital
      Structure</font></div>
              </td>
              <td align="right" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;3</font></div>
              </td>
            </tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Charter and By-Laws</font></div>
              </td>
              <td align="right" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;3</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Meetings</font></div>
              </td>
              <td align="right" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;3</font></div>
              </td>
            </tr>
            <tr bgcolor="#f4f9fd">
              <td valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment
      Companies</font></div>
              </td>
              <td align="right" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;3</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td nowrap valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Environmental
      and Social Issues</font></div>
              </td>
              <td align="right" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;3</font></div>
              </td>
            </tr>
            <tr bgcolor="#f4f9fd">
              <td valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Reports
      to the Board</font></div>
              </td>
              <td align="right" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;4</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Introduction</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;The
Trustees/Directors (&#8220;Directors&#8221;) of the BlackRock-Advised Funds (the &#8220;Funds&#8221;)
have the responsibility for voting proxies relating to portfolio securities of
the Funds, and have determined that it is in the best interests of the Funds and
their shareholders to delegate that responsibility to BlackRock Advisors, LLC
and its affiliated U.S. registered investment advisers (&#8220;BlackRock&#8221;), the
investment adviser to the Funds, as part of BlackRock&#8217;s authority to manage,
acquire and dispose of account assets.&#160;&#160;The Directors hereby direct
BlackRock to vote such proxies in accordance with this Policy, and any proxy
voting guidelines that the Adviser determines are appropriate and in the best
interests of the Funds&#8217; shareholders and which are consistent with the
principles outlined in this Policy.&#160;&#160;The Directors have authorized
BlackRock to utilize an unaffiliated third-party as its agent to vote portfolio
proxies in accordance with this Policy and to maintain records of such portfolio
proxy voting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">When
BlackRock votes proxies for an advisory client that has delegated to BlackRock
proxy voting authority, BlackRock acts as the client&#8217;s agent. Under the
Investment Advisers Act of 1940 (the &#8220;Advisers Act&#8221;), an investment adviser is a
fiduciary that owes each of its clients a duty of care and loyalty with respect
to all services the adviser undertakes on the client&#8217;s behalf, including proxy
voting. BlackRock is therefore subject to a fiduciary duty to vote proxies in a
manner BlackRock believes is consistent with the client&#8217;s best interests.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super"><a href="#ref.ID0ENHAE">1</a></font>&#160;&#160;When voting proxies for the Funds,
BlackRock&#8217;s primary objective is to make voting decisions solely in the best
interests of the Funds&#8217; shareholders. In fulfilling its obligations to
shareholders, BlackRock will seek to act in a manner that it believes is most
likely to enhance the economic value of the underlying securities held in client
accounts.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super"><a href="#ref.ID0EBIAE">2</a></font>&#160;&#160;It is imperative that BlackRock
considers the interests of Fund shareholders, and not the interests of
BlackRock, when voting proxies and that real (or perceived) material conflicts
that may arise between BlackRock&#8217;s interest and those of BlackRock&#8217;s clients are
properly addressed and resolved.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Advisers
Act Rule 206(4)-6 was adopted by the SEC in 2003 and requires, among other
things, that an investment adviser that exercises voting authority over clients&#8217;
proxy voting adopt policies and procedures reasonably designed to ensure that
the adviser votes proxies in the best interests of clients, discloses to its
clients information about those policies and procedures and also discloses to
clients how they may obtain information on how the adviser has voted their
proxies.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <table width="20%" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td align="left" nowrap valign="top" style="BORDER-BOTTOM: black 0.5pt solid">&nbsp;</td>
        </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">1</font></font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Letter
      from Harvey L. Pitt, Chairman, SEC, to John P.M. Higgins, President, Ram
      Trust Services (February 12, 2002)&#160;&#160;(Section 206 of the
      Investment Advisers Act imposes a fiduciary responsibility to vote proxies
      fairly and in the best interests of clients); SEC Release No. IA-2106
      (February 3, 2003).</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><a name="ref.ID0EBIAE">&#160; </a>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">2</font></font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other
      considerations, such as social, labor, environmental or other policies,
      may be of interest to particular clients. While BlackRock is cognizant of
      the importance of such considerations, when voting proxies it will
      generally take such matters into account only to the extent that they have
      a direct bearing on the economic value of the underlying securities. To
      the extent that a BlackRock client, such as the Funds, desires to pursue a
      particular social, labor, environmental or other agenda through the proxy
      votes made for its securities held through BlackRock as investment
      adviser, BlackRock encourages the client to consider retaining direct
      proxy voting authority or to appoint independently a special proxy voting
      fiduciary other than
BlackRock.</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 1
- -</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BlackRock
has adopted separate but substantially similar guidelines and procedures that
are consistent with the principles of this Policy.&#160;&#160;BlackRock&#8217;s Equity
Investment Policy Oversight Committee, or a sub-committee thereof (the
&#8220;Committee&#8221;), addresses proxy voting issues on behalf of BlackRock and its
clients, including the Funds. The Committee is comprised of senior members of
BlackRock&#8217;s Portfolio Management and Administration Groups and is advised by
BlackRock&#8217;s Legal and Compliance Department.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Proxy
Voting Policies</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
            </td>
            <td align="right" style="WIDTH: 36pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">A.</font></div>
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Boards
      of Directors</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
proposals concern those issues submitted to shareholders relating to the
composition of the board of directors of companies other than investment
companies.&#160;&#160;As a general matter, the Funds believe that a company&#8217;s
board of directors (rather than shareholders) is most likely to have access to
important, nonpublic information regarding a company&#8217;s business and prospects,
and is therefore best-positioned to set corporate policy and oversee management.
The Funds therefore believe that the foundation of good corporate governance is
the election of qualified, independent corporate directors who are likely to
diligently represent the interests of shareholders and oversee management of the
corporation in a manner that will seek to maximize shareholder value over time.
In individual cases, consideration may be given to a director nominee&#8217;s history
of representing shareholder interests as a director of other companies, or other
factors to the extent deemed relevant by the Committee.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
            </td>
            <td align="right" style="WIDTH: 36pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">B.</font></div>
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Auditors</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
proposals concern those issues submitted to shareholders related to the
selection of auditors.&#160;&#160;As a general matter, the Funds believe that
corporate auditors have a responsibility to represent the interests of
shareholders and provide an independent view on the propriety of financial
reporting decisions of corporate management. While the Funds anticipate that the
Committee will generally defer to a corporation&#8217;s choice of auditor, in
individual cases, consideration may be given to an auditors&#8217; history of
representing shareholder interests as auditor of other companies, to the extent
deemed relevant.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
            </td>
            <td align="right" style="WIDTH: 36pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">C.</font></font></div>
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font size="+0">Compensation</font> and
Benefits</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font size="+0"><br></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
proposals concern those issues submitted to shareholders related to management
compensation and employee benefits. As a general matter, the Funds favor
disclosure of a company&#8217;s compensation and benefit policies and oppose excessive
compensation, but believe that compensation matters are normally best determined
by a corporation&#8217;s board of directors, rather than shareholders. Proposals to
&#8220;micro-manage&#8221; a company&#8217;s compensation practices or to set arbitrary
restrictions on compensation or benefits should therefore generally not be
supported by the Committee.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 2
- -</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
            </td>
            <td align="right" style="WIDTH: 36pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">D.</font></div>
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Capital
      Structure</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
proposals relate to various requests, principally from management, for approval
of amendments that would alter the capital structure of a company, such as an
increase in authorized shares. As a general matter, the Funds expect that the
Committee will support requests that it believes enhance the rights of common
shareholders and oppose requests that appear to be unreasonably
dilutive.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
            </td>
            <td align="right" style="WIDTH: 36pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">E.</font></div>
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Corporate
      Charter and By-Laws</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
proposals relate to various requests for approval of amendments to a
corporation&#8217;s charter or by-laws, principally for the purpose of adopting or
redeeming &#8220;poison pills&#8221;. As a general matter, the Funds expect that the
Committee will oppose poison pill provisions unless, after consultation with the
portfolio managers, it is determined that supporting the poison pill is in the
best interest of shareholders.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
            </td>
            <td align="right" style="WIDTH: 36pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">F.</font></div>
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Corporate
      Meetings</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These are
routine proposals relating to various requests regarding the formalities of
corporate meetings.&#160;&#160;As a general matter, the Funds expect that the
Committee will support company management except where the proposals are
substantially duplicative or serve no legitimate business purpose.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
            </td>
            <td align="right" style="WIDTH: 36pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">G.</font></div>
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Investment
      Companies</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
proposals relate to proxy issues that are associated solely with holdings of
shares of investment companies, including, but not limited to, investment
companies for which BlackRock provides investment advisory, administrative
and/or other services. As with other types of companies, the Funds believe that
an investment company&#8217;s board of directors (rather than its shareholders) is
best-positioned to set fund policy and oversee management. However, the Funds
oppose granting boards of directors authority over certain matters, such as
changes to a fund&#8217;s investment objective, that the Investment Company Act of
1940 envisions will be approved directly by shareholders.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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            </td>
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      and Social Issues</font></div>
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shareholder proposals to limit corporate conduct in some manner that relates to
the shareholder&#8217;s environmental or social concerns. The Funds generally believe
that annual shareholder meetings are inappropriate forums for the discussion of
larger social issues, and oppose shareholder resolutions &#8220;micro-managing&#8221;
corporate conduct or requesting release of information that would not help a
shareholder evaluate an investment in the corporation as an economic matter.
While the Funds are generally supportive of proposals to require corporate
disclosure of matters that seem relevant and material to the economic interests
of shareholders, the Funds generally are not supportive <font size="+0">of
</font>proposals to require disclosure of corporate matters for other
purposes.</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 3
- -</font></div>
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Board</font></font></div>
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on proxy votes it has made on behalf of the Funds at least
annually.</font></font></div>
    <div>&#160;</div>
    <div><br>
      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 4
- -</font></div>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>7
<FILENAME>e604866_ex99-cert.htm
<TEXT>
<html>
  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: E-Data Systems-->
    <!--Document Created using EDGARizer 4.0.5.0-->
    <!--Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved-->
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EX-99.
CERT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
</font>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I, Donald
C. Burke, Chief Executive Officer (principal executive officer) of BlackRock
MuniYield Quality Fund, Inc., certify that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <td align="right" style="WIDTH: 36pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      have reviewed this report on Form N-CSR of BlackRock MuniYield Quality
      Fund, Inc.;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font></div>
              </div>
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            <td align="left">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
      on my knowledge, this report does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by this
      report;</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
      on my knowledge, the financial statements, and other financial information
      included in this report fairly present in all material respects the
      financial condition, results of operations, changes in net assets, and
      cash flows (if the financial statements are required to include a
      statement of cash flows) of the registrant as of, and for, the periods
      presented in this report;</font></div>
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      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      registrant&#8217;s other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and
      have:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)</font></div>
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            <td align="left">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">designed
      such disclosure controls and procedures, or caused such disclosure
      controls and procedures to be designed under our supervision, to ensure
      that material information relating to the registrant, including its
      consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">designed
      such internal control over financial reporting, or caused such internal
      control over financial reporting to be designed under our supervision, to
      provide reasonable assurance regarding the reliability of financial
      reporting and the preparation of financial statements for external
      purposes in accordance with generally accepted accounting
      principles;</font></div>
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      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
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            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)</font></div>
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            <td align="left">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">evaluated
      the effectiveness of the registrant&#8217;s disclosure controls and procedures
      and presented in this report our conclusions about the effectiveness of
      the disclosure controls and procedures, as of a date within 90 days prior
      to the filing date of this report, based on such evaluation;
      and</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)</font></div>
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            <td align="left">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">disclosed
      in this report any change in the registrant&#8217;s internal control over
      financial reporting that occurred during the second fiscal quarter of the
      period covered by this report that has materially affected, or is
      reasonably likely to materially affect, the registrant&#8217;s internal control
      over financial reporting; and</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      registrant&#8217;s other certifying officer(s) and I have disclosed to the
      registrant&#8217;s auditors and the audit committees of the registrant&#8217;s board
      of directors (or persons performing the equivalent
      functions):</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
            </td>
            <td align="right" style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)</font></div>
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            <td align="left">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">all
      significant deficiencies and material weaknesses in the design or
      operation of internal control over financial reporting which are
      reasonably likely to adversely affect the registrant&#8217;s ability to record,
      process, summarize, and report financial information;
      and</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)</font></div>
              </div>
            </td>
            <td align="left">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant&#8217;s internal control
      over financial reporting.</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
December 19, 2008</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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          <tr>
            <td align="left" nowrap valign="top" width="46%" style="BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;Donald
      C. Burke</font></td>
            <td valign="top" width="50%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" nowrap valign="bottom" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Donald
      C. Burke</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">      </font>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief
      Executive Officer (principal executive officer) of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">BlackRock
      MuniYield Quality Fund, Inc.</font></div>
            </td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EX-99.
CERT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
</font>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I, Neal
J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock
MuniYield Quality Fund, Inc., certify that:</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      have reviewed this report on Form N-CSR of BlackRock MuniYield Quality
      Fund, Inc.;</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
      on my knowledge, this report does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by this
      report;</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
      on my knowledge, the financial statements, and other financial information
      included in this report fairly present in all material respects the
      financial condition, results of operations, changes in net assets, and
      cash flows (if the financial statements are required to include a
      statement of cash flows) of the registrant as of, and for, the periods
      presented in this report;</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      registrant&#8217;s other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and
      have:</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">designed
      such disclosure controls and procedures, or caused such disclosure
      controls and procedures to be designed under our supervision, to ensure
      that material information relating to the registrant, including its
      consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">designed
      such internal control over financial reporting, or caused such internal
      control over financial reporting to be designed under our supervision, to
      provide reasonable assurance regarding the reliability of financial
      reporting and the preparation of financial statements for external
      purposes in accordance with generally accepted accounting
      principles;</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">evaluated
      the effectiveness of the registrant&#8217;s disclosure controls and procedures
      and presented in this report our conclusions about the effectiveness of
      the disclosure controls and procedures, as of a date within 90 days prior
      to the filing date of this report, based on such evaluation;
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">disclosed
      in this report any change in the registrant&#8217;s internal control over
      financial reporting that occurred during the second fiscal quarter of the
      period covered by this report that has materially affected, or is
      reasonably likely to materially affect, the registrant&#8217;s internal control
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      registrant&#8217;s other certifying officer(s) and I have disclosed to the
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      of directors (or persons performing the equivalent
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      significant deficiencies and material weaknesses in the design or
      operation of internal control over financial reporting which are
      reasonably likely to adversely affect the registrant&#8217;s ability to record,
      process, summarize, and report financial information;
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      fraud, whether or not material, that involves management or other
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December 19, 2008</font></div>
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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>8
<FILENAME>e604866_ex99-1350cert.htm
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  <head>
    <title>Unassociated Document</title>
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99.1350CERT</font></div>
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Pursuant to Rule 30a-2(b) under the 1940 Act and</font></div>
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906 of the Sarbanes Oxley Act</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock MuniYield Quality
Fund, Inc. (the &#8220;Registrant&#8221;), hereby certifies, to the best of his knowledge,
that the Registrant&#8217;s Report on Form N-CSR for the period ended October 31,
2008, (the &#8220;Report&#8221;) fully complies with the requirements of Section 13(a) of
the Securities Exchange Act of 1934, as amended, and that the information
contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
December 19, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <td align="left" nowrap valign="top" width="46%" style="BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;Donald
      C. Burke</font></td>
            <td valign="top" width="50%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Donald
      C. Burke</font></td>
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          </tr>
          <tr>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">      </font>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief
      Executive Officer (principal executive officer) of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">BlackRock
      MuniYield Quality Fund, Inc.</font></div>
            </td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock MuniYield Quality
Fund, Inc. (the &#8220;Registrant&#8221;), hereby certifies, to the best of his knowledge,
that the Registrant&#8217;s Report on Form N-CSR for the period ended October 31,
2008, (the &#8220;Report&#8221;) fully complies with the requirements of Section 13(a) of
the Securities Exchange Act of 1934, as amended, and that the information
contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
December 19, 2008</font></div>
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      J. Andrews</font></td>
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            <td align="left" nowrap valign="bottom" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Neal
      J. Andrews</font></td>
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            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">      </font>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief
      Financial Officer (principal financial officer) of</font></div>
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      MuniYield Quality Fund, Inc.</font></div>
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certification is being furnished pursuant to Rule 30a-2(b) under the Investment
Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being
filed as part of the Form N-CSR with the Securities and Exchange Commission<font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font></font></div>
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