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<SEC-DOCUMENT>0000900092-09-000150.txt : 20090407
<SEC-HEADER>0000900092-09-000150.hdr.sgml : 20090407
<ACCEPTANCE-DATETIME>20090407131918
ACCESSION NUMBER:		0000900092-09-000150
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20090131
FILED AS OF DATE:		20090407
DATE AS OF CHANGE:		20090407
EFFECTIVENESS DATE:		20090407

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIYIELD MICHIGAN INSURED FUND, INC.
		CENTRAL INDEX KEY:			0000890393
		IRS NUMBER:				223196060
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07080
		FILM NUMBER:		09737072

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092825284

	MAIL ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD MICHIGAN INSURED FUND INC
		DATE OF NAME CHANGE:	20020620

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD MICHIGAN INSURED FUND II INC
		DATE OF NAME CHANGE:	20020620

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD MICHIGAN INSURED FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>miyfinal.htm
<DESCRIPTION>BR MUNIYIELD MICHIGAN INSURED FUND, INC.
<TEXT>

<HTML>
<HEAD>
   <TITLE>January SARs -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<FONT face="ArialMT,Arial,Helvetica,sans-serif">UNITED STATES</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif"> SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">Washington, D.C. 20549</FONT><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-CSRS</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT </FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">INVESTMENT COMPANIES</FONT></B></TD></TR></TABLE>
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<P align="left">
<TABLE><TR><TD width=19>&nbsp;</TD><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-07080</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MuniYield Michigan Insured Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 07/31/2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 08/01/2008 &#150; 01/31/2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Report to Stockholders </FONT></TD></TR></TABLE>
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     <TD noWrap><FONT face=DIN-Light,Arial,Helvetica,sans-serif color=#231f20 size=1>EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS</FONT><BR>
<BR>
<FONT face=DIN-Regular,Arial,Helvetica,sans-serif size=5>Semi-Annual Report</FONT><BR>
<BR>
<FONT face=DIN-Regular,Arial,Helvetica,sans-serif>JANUARY 31, 2009 | (UNAUDITED)</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
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     <TD noWrap><FONT face=DIN-Regular,Arial,Helvetica,sans-serif color=#005595 size=4>BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)</FONT><BR>
<BR>
<FONT face=DIN-Regular,Arial,Helvetica,sans-serif color=#005595 size=4>BlackRock MuniYield Insured Investment Fund (MFT)</FONT><BR>
<BR>
<FONT face=DIN-Regular,Arial,Helvetica,sans-serif color=#005595 size=4>BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)</FONT><BR>
<BR>
<FONT face=DIN-Regular,Arial,Helvetica,sans-serif color=#005595 size=4>BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI)</FONT><BR>
<BR>
<FONT face=DIN-Regular,Arial,Helvetica,sans-serif color=#005595 size=4>BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT></TD></TR></TABLE></P>
<IMG src="brmuniyield-5insuredsar0x1x1.jpg" border=0>
<BR>
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     <TD noWrap><FONT face=DIN-Light,Arial,Helvetica,sans-serif color=#231f20 size=1>NOT FDIC INSURED</FONT><BR>
<BR>
<FONT face=DIN-Light,Arial,Helvetica,sans-serif color=#231f20 size=1>MAY LOSE VALUE</FONT><BR>
<BR>
<FONT face=DIN-Light,Arial,Helvetica,sans-serif color=#231f20 size=1>NO BANK GUARANTEE</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Table of Contents</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Page</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A Letter to Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Semi-Annual Report:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Fund Summaries</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Benefits and Risks of Leveraging</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Derivative Instruments</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Financial Statements:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Schedules of Investments</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Statements of Assets and Liabilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>29</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Statements of Operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>30</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Statements of Changes in Net Assets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>32</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Financial Highlights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>35</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Notes to Financial Statements</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>40</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Officers and Directors/Trustees</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>47</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Additional Information</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>48</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>2 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
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<A name="page_3"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>A Letter to Shareholders</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>Dear Shareholder</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The present time may well be remembered as one of the most tumultuous periods in financial market history. Over the past year, the bursting of the</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>housing bubble and the resultant credit crisis swelled into an all-out global financial market meltdown that featured the collapse of storied financial</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>firms, volatile swings in the world&#146;s financial markets and monumental government responses, including the nearly $800 billion economic stimulus</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>plan signed into law just after period end.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The US economy appeared relatively resilient through the first few months of 2008, when rising food and energy prices fueled inflation fears. Mid-</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>summer ushered in dramatic changes &#151; inflationary pressure subsided amid a plunge in commodity prices, while economic pressures intensified in</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the midst of a rapid deterioration in consumer spending, employment and other key indicators. By year&#146;s end, the National Bureau of Economic</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Research affirmed that the United States was in a recession, which officially began in December 2007. The Federal Reserve Board (the &#147;Fed&#148;), after</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>slashing interest rates aggressively early in the period, resumed that rate-cutting campaign in the fall, with the final reduction in December 2008 bring-</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ing the target federal funds rate to a record low range of between zero and 0.25% . Importantly, the central bank pledged that future policy moves to</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>revive the global economy and financial markets would comprise primarily nontraditional and quantitative easing measures, such as capital injections,</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>lending programs and government guarantees.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Against this backdrop, US equity markets experienced intense volatility, with the sentiment turning decisively negative toward period end. Declines were</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>significant and broad-based, with little divergence among large- and small-cap stocks. Non-US stocks posted stronger results early on, but quickly lost</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ground as the credit crisis revealed itself to be global in scope and as the worldwide economic slowdown gathered pace. Overall, aggressive monetary</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and fiscal policy, combined with the defensiveness of the US, helped domestic equities notch better performance than their non-US counterparts.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In fixed income markets, risk aversion remained the popular theme, leading the Treasury sector to top all other asset classes. The high yield market </FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>was particularly hard hit in this environment, as economic turmoil, combined with frozen credit markets and substantial technical pressures, took a</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>heavy toll. Meanwhile, the municipal bond market was challenged by a dearth of market participants, lack of liquidity, difficult funding environment and</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>backlog of new-issue supply, which sent prices lower and yields well above Treasuries. By period end, however, some positive momentum had returned</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to the municipal space.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="87%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In all, an investor flight to safety prevailed, as evidenced in the six- and 12-month returns of the major benchmark indexes:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Returns as of January 31, 2009</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6-month</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12-month</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>US equities (S&amp;P 500 Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(33.95)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(38.63)%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Small cap US equities (Russell 2000 Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(37.38)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(36.84)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>International equities (MSCI Europe, Australasia, Far East Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(40.75)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(43.74)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>US Treasury securities (Merrill Lynch 10-Year US Treasury Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11.96</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10.64</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Taxable fixed income (Barclays Capital US Aggregate Bond Index*)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.59</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax-exempt fixed income (Barclays Capital Municipal Bond Index*)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.70</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.16)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index*)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(19.07)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(19.72)</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>* Formerly a Lehman Brothers index.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 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 </FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>current views on the economy and financial markets, we invite you to visit </FONT><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>www.blackrock.com/funds</FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>. We thank you for entrusting BlackRock with</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>your investments, and we look forward to continuing to serve you in the months and years ahead.</FONT></P>
<IMG src="brmuniyield-5insuredsar0x3x1.jpg" border=0>
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<P align=left>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#6c6e70 size=2>THIS PAGE NOT PART OF YOUR FUND REPORT</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Fund Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=2>as of January 31, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></B></TD></TR></TABLE></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Investment Objective</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>seeks to provide shareholders with current income exempt from federal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>income tax and New Jersey personal income taxes by investing in a portfolio of long-term, investment grade municipal obligations the interest on</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which, in the opinion of bond counsel to the issuer, is exempt from federal income tax and New Jersey personal income taxes.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Performance</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the six months ended January 31, 2009, the Fund returned (7.46)% based on market price and (0.56)% based on net asset value (&#147;NAV&#148;). For </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the same period, the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (10.16)% on a market price</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>basis and (6.34)% on a NAV basis. All returns reflect reinvestment of dividends. The performance of the Lipper category does not necessarily correlate</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to that of the Fund, as the Lipper group comprises funds representing various states and not New Jersey alone. The Fund&#146;s discount to NAV, which</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>widened during the period, accounts for the difference between performance based on price and performance based on NAV. Fund performance was</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>driven primarily by a rising yield (and correspondingly falling price) environment for intermediate and long-term municipals during the second half of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2008. Pre-refunded and escrowed issues were the best-performing municipal sectors for the period, and the Fund&#146;s high allocation to these areas </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>had a positive influence on results.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 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.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>These views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>
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     <TD noWrap align=left width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Fund Information</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%">&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="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Symbol on New York Stock Exchange</FONT>&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="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>MUJ</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Initial Offering Date</FONT>&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>March 11, 1998</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="45%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Yield on Closing Market Price as of January 31, 2009 ($11.63)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5.47%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT></SUP>&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="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8.42%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&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="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.053</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&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="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.636</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Leverage as of January 31, 2009</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT></SUP>&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="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>39%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="35%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="84%" colSpan=11>&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Past performance does not guarantee future results.</FONT>&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="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="45%" colSpan=3>&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%">&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The distribution is not constant and is subject to change.</FONT>&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="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="84%" colSpan=11>&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents Auction Market Preferred Shares (&#147;Preferred Shares&#148;) and tender option bond trusts (&#147;TOBs&#148;) as a percentage of total managed</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="84%" colSpan=11>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>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>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=9>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 9.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="64%" colSpan=7><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The table below summarizes the changes in the Fund&#146;s market price and NAV per share:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="64%" colSpan=7>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Change</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Market Price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.63</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.93</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(10.05)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$ 8.38</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.87</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(3.34)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.69</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.95</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following charts show the sector and credit quality allocations of the Fund&#146;s long-term investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=center width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Sector Allocations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>27%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>27%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Education</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>18</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>IDA/PCR/Resource Recovery</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>County/City/Special District/</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&nbsp; School District</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Hospitals/Healthcare</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Lease Obligations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Special Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities &#151; Water &amp; Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities &#151; Electric &amp; Gas</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>5</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AAA/Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>37%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>43%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AA/Aa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>36</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A/A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BBB/Baa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Not Rated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT></SUP>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Using the higher of Standard &amp; Poor&#146;s (&#147;S&amp;P&#146;s&#148;) and Moody&#146;s</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investors Service (&#147;Moody&#146;s&#148;) ratings.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The investment advisor has deemed certain of these non-rated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities to be of investment grade quality. As of July 31, 2008</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the market value of these securities was $1,972,106, represent-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>ing 1% of the Fund&#146;s long-term investments.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>4 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_5"></A>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Fund Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=2>as of January 31, 2009 </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Insured Investment Fund</FONT></B></TD></TR></TABLE></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Investment Objective</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Insured Investment Fund (MFT) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>seeks to provide shareholders with as high a level of current income exempt from</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>federal income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income taxes</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and which enables shares of the Fund to be exempt from Florida intangible personal property taxes.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Effective September 16, 2008, BlackRock MuniYield Florida Insured Fund was renamed BlackRock MuniYield Insured Investment Fund.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Performance</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the six months ended January 31, 2009, the Fund returned (7.54)% based on market price and (6.49)% based on NAV. For the same period, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of (4.58)% on a market price basis and (6.20)% on </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>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</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>between performance based on price and performance based on NAV. Sector allocation played an important role in determining how the Fund per-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>formed during the reporting period. A significant overweight in pre-refunded bonds in the one- to five-year maturity range benefited Fund performance,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>as the yield curve steepened and these issues outperformed. Conversely, an overweight position in hospital bonds adversely affected results, as spread</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>products underperformed as the economic downturn continued to add more stress on the fundamental credit quality of the sector.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 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.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>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 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Fund Information</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Symbol on New York Stock Exchange</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>MFT</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Initial Offering Date</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>October 30, 1992</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Yield on Closing Market Price as of January 31, 2009 ($10.51)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6.11%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9.40%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.0535</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.6420</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Leverage as of January 31, 2009</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>41%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Past performance does not guarantee future results.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The distribution is not constant and is subject to change.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>please see The Benefits and Risks of Leveraging on page 9.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The table below summarizes the changes in the Fund&#146;s market price and NAV per share:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Change</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Market Price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$10.51</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.75</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(10.55)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.97</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$ 6.70</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(9.54)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.68</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$10.36</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following charts show the sector and credit quality allocations of the Fund&#146;s long-term investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Sector Allocations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>25%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>23%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Education</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>19</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Hospitals/Healthcare</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>County/City/Special District/</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>School District</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>IDA/PCR/Resource Recovery</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities &#151; Electric &amp; Gas</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities &#151; Irrigation, Resource</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Recovery, Solid Waste &amp; Other</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities &#151; Water &amp; Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Special Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Lease Obligations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>5</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AAA/Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>41%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AA/Aa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>41</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A/A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BBB/Baa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Not Rated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The investment advisor has deemed certain of these non-rated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities to be of investment grade quality. As of January 31,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009 and July 31, 2008, the market value of these securities </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>was $2,431,430, representing 1% and $8,223,585, representing </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4%, respectively, of the Fund&#146;s long-term investments.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT JANUARY 31, 2009 5</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Fund Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=2>as of January 31, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B></TD></TR></TABLE></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Investment Objective</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Michigan Insured Fund, Inc. (MIY) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>seeks to provide shareholders with as high a level of current income exempt from</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>federal income tax and Michigan income taxes as is consistent with its investment policies and prudent investment management by investing primarily</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>in a portfolio of long-term municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income tax</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and Michigan income taxes.</FONT><BR>
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<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Performance</FONT></B><BR>
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<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the six months ended January 31, 2009, the Fund returned (11.04)% based on market price and (1.89)% based on NAV. For the same period, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (10.16)% on a market price basis and (6.34)% on a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>NAV basis. All returns reflect reinvestment of dividends. The performance of the Lipper category does not necessarily correlate to that of the Fund, as the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Lipper group comprises funds representing various states and not Michigan alone. The Fund&#146;s discount to NAV, which widened during the period, accounts</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>for the difference between performance based on price and performance based on NAV. Fund performance was driven primarily by a rising yield (and cor-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>respondingly falling price) environment for intermediate and long-term municipals during the second half of 2008. Pre-refunded and escrowed issues were</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the best-performing municipal sectors for the period, and the Fund&#146;s high allocation to these areas had a positive influence on results.</FONT><BR>
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<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 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.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>These views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>
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     <TD noWrap align=left width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Fund Information</FONT></B>&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Symbol on New York Stock Exchange</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>MIY</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Initial Offering Date</FONT>&nbsp; </TD>
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     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>October 30, 1992</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Yield on Closing Market Price as of January 31, 2009 ($10.61)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT></SUP>&nbsp; </TD>
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     <TD noWrap align=right width="25%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6.11%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9.40%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="12%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp; </TD>
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     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.054</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp; </TD>
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     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.648</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Leverage as of January 31, 2009</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>40%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Past performance does not guarantee future results.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The distribution is not constant and is subject to change.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>please see The Benefits and Risks of Leveraging on page 9.</FONT></P>
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<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The table below summarizes the changes in the Fund&#146;s market price and NAV per share:</FONT></P>
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     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Change</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Market Price</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$10.61</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(13.74)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.43</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$ 7.00</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.47</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(4.87)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.50</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.89</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap align=center><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following charts show the sector and credit quality allocations of the Fund&#146;s long-term investments:</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Sector Allocations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
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     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
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     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>County/City/Special District/</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="56%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>School District</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>24%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>27%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Hospitals/Healthcare</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>13</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities &#151; Water &amp; Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Lease Obligations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>IDA/PCR/Resource Recovery</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Education</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities &#151; Electric &amp; Gas</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Special Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities &#151; Irrigation, Resource</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Recovery, Solid Waste &amp; Other</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>5</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AAA/Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>31%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>35%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AA/Aa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>47</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A/A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BBB/Baa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>NR</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="80%" colSpan=3>&nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>6 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Fund Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=2>as of January 31, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT></B></TD></TR></TABLE></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Investment Objective</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>seeks to provide shareholders with as high a level of current income exempt</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>from federal income tax and New Jersey personal income taxes as is consistent with its investment policies and prudent investment management by</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investing primarily in a portfolio of long-term municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>federal income tax and New Jersey personal income taxes.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Performance</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the six months ended January 31, 2009, the Fund returned (9.48)% based on market price and (3.14)% based on NAV. For the same period,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (10.16)% on a market price basis and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(6.34)% on a NAV basis. All returns reflect reinvestment of dividends. The performance of the Lipper category does not necessarily correlate to that </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of the Fund, as the Lipper group comprises funds representing various states and not New Jersey alone. The Fund&#146;s discount to NAV, which widened</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>during the period, accounts for the difference between performance based on price and performance based on NAV. Fund performance was driven </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>primarily by a rising yield (and correspondingly falling price) environment for intermediate and long-term municipals during the second half of 2008.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Pre-refunded and escrowed issues were the best-performing municipal sectors for the period, and the Fund&#146;s allocation to these areas had a positive</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>influence on results.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 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.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>These views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>
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     <TD noWrap align=left width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Fund Information</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Symbol on New York Stock Exchange</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>MJI</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Initial Offering Date</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>October 30, 1992</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Yield on Closing Market Price as of January 31, 2009 ($11.24)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5.77%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8.88%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.054</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.648</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Leverage as of January 31, 2009</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>38%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Past performance does not guarantee future results.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The distribution is not constant and is subject to change.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>please see The Benefits and Risks of Leveraging on page 9.</FONT></P>
<P align=left><FONT face=Arial color=#231f20 size=1></FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The table below summarizes the changes in the Fund&#146;s market price and NAV per share:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Change</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Market Price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.81</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(12.26)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.02</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$ 7.19</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(6.11)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.58</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.39</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following charts show the sector and credit quality allocations of the Fund&#146;s long-term investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=center width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Sector Allocations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>20%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>18%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Education</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>IDA/PCR/Resource Recovery</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities &#151; Water &amp; Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>County/City/Special District/</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>School District</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Hospitals/Healthcare</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Lease Obligations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities &#151; Electric &amp; Gas</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>5</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AAA/Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>31%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>33%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AA/Aa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>46</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A/A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BBB/Baa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Not Rated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The investment advisor has deemed certain of these non-rated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities to be of investment grade quality. As of January 31,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009 and July 31, 2008, the market value of these securities </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>was $4,305,850, representing 2% and $12,649,795, represent-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>ing 6%, respectively, of the Fund&#146;s long-term investments.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Fund Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=2>as of January 31, 2009 </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT></B></TD></TR></TABLE></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Investment Objective</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Pennsylvania Insured Fund (MPA) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>seeks to provide shareholders with as high a level of current income exempt from fed-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>eral and Pennsylvania income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>long-term municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal and Pennsylvania income taxes.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Performance</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the six months ended January 31, 2009, the Fund returned (7.30)% based on market price and (2.63)% based on NAV. For the same period, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (10.16)% on a market price basis and (6.34)% </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>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</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>between performance based on price and performance based on NAV. Recent Fund performance, based on net expenses, has been positively affected</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>by its defensive posture during the period. Exposure to the intermediate portion of the municipal yield curve benefited performance as the curve steep-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ened to wider ranges. An emphasis on higher credit quality bonds also aided results as credit spread widening peaked during the period. All hedges were</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>eliminated during the period as correlation to the municipal cash market broke down. Positions in lower-rated issues and issues subject to the alternative</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>minimum tax hindered performance. The Fund maintained a mean distribution rate and was underweight duration relative to its Lipper peers.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 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.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>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 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Fund Information</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Symbol on New York Stock Exchange</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>MPA</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Initial Offering Date</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>October 30, 1992</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Yield on Closing Market Price as of January 31, 2009 ($11.18)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5.69%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8.75%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.053</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.636</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Leverage as of January 31, 2009</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>36%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Past performance does not guarantee future results.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The distribution is not constant and is subject to change.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>please see The Benefits and Risks of Leveraging on page 9.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The table below summarizes the changes in the Fund&#146;s market price and NAV per share:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Change</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Market Price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.43</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(10.06)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.61</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$ 7.09</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.51</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(5.52)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.66</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.00</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following charts show the sector and credit quality allocations of the Fund&#146;s long-term investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=center width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Sector Allocations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>County/City/Special District/</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>School District</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>32%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>33%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Education</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>22</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>IDA/PCR/Resource Recovery</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Hospitals/Healthcare</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities &#151; Water &amp; Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities &#151; Electric &amp; Gas</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>5</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1/31/09</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/31/08</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AAA/Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>48%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AA/Aa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>50</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>35</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A/A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BBB/Baa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="53%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="25%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="16%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="80%" colSpan=3>&nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>8 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_9"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>The Benefits and Risks of Leveraging</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds may utilize leverage to seek to enhance the yield and NAV of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>its Common Shares. However, these objectives cannot be achieved in all</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>interest rate environments.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>To leverage, certain Funds issue Preferred Shares, which pay dividends at</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>prevailing short-term interest rates, and invests the proceeds in long-term</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>municipal bonds. In general, the concept of leveraging is based on the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>premise that the cost of assets to be obtained from leverage will be based</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on short-term interest rates, which normally will be lower than the income</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>earned by each Fund on its longer-term portfolio investments. To the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>extent that the total assets of the Fund (including the assets obtained</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>from leverage) are invested in higher-yielding portfolio investments, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Fund&#146;s Common Shareholders will benefit from the incremental yield.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>To illustrate these concepts, assume a Fund&#146;s Common Shares capitaliza-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tion is $100 million and it issues Preferred Shares for an additional </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$50 million, creating a total value of $150 million available for investment</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>in long-term municipal bonds. If prevailing short-term interest rates are </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3% and long-term interest rates are 6%, the yield curve has a strongly</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>positive slope. In this case, the Fund pays dividends on the $50 million of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Preferred Shares based on the lower short-term interest rates. At the same</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>time, the Fund&#146;s total portfolio of $150 million earns the income based </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on long-term interest rates. In this case, the dividends paid to Preferred</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shareholders are significantly lower than the income earned on the Fund&#146;s</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>long-term investments, and therefore the Common Shareholders are the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>beneficiaries of the incremental yield.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Conversely, if prevailing short-term interest rates rise above long-term </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>interest rates of 6%, the yield curve has a negative slope. In this case,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Fund pays dividends on the higher short-term interest rates whereas</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Fund&#146;s total portfolio earns income based on lower long-term interest</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rates. If short-term interest rates rise, narrowing the differential between</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>short-term and long-term interest rates, the incremental yield pickup on</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Common Shares will be reduced or eliminated completely.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Furthermore, the value of the Fund&#146;s portfolio investments generally varies</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>inversely with the direction of long-term interest rates, although other </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>factors can influence the value of portfolio investments. In contrast, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>redemption value of the Fund&#146;s Preferred Shares does not fluctuate in rela-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tion to interest rates. As a result, changes in interest rates can influence</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Fund&#146;s NAV positively or negatively in addition to the impact on Fund</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>performance from leverage from Preferred Shares discussed above.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Certain Funds may also, from time to time, leverage its assets through the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>use of tender option bond (&#147;TOB&#148;) programs, as described in Note 1 of the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Notes to Financial Statements. TOB investments generally will provide the</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Funds with economic benefits in periods of declining short-term interest</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rates, but expose the Funds to risks during periods of rising short-term</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>interest rates similar to those associated with Preferred Shares issued by</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Funds, as described above. Additionally, fluctuations in the market</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>value of municipal bonds deposited into the TOB trust may adversely </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>affect the Funds&#146; NAV per share.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The use of leverage may enhance opportunities for increased returns to the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Funds and Common Shareholders, but as described above, it also creates</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>risks as short- or long-term interest rates fluctuate. Leverage also will gen-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>erally cause greater changes in a Funds&#146; NAV, market price and dividend</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rate than a comparable portfolio without leverage. If the income derived</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>from securities purchased with assets received from leverage exceeds the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>cost of leverage, the Funds&#146; net income will be greater than if leverage had</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>not been used. Conversely, if the income from the securities purchased is</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>not sufficient to cover the cost of leverage, the Funds&#146; net income will be</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>less than if leverage had not been used, and therefore the amount avail-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>able for distribution to shareholders will be reduced. The Funds may be</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>required to sell portfolio securities at inopportune times or below fair mar-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ket values in order to comply with regulatory requirements applicable to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the use of leverage or as required by the terms of leverage instruments,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which may cause the Funds to incur losses. The use of leverage may limit</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Funds&#146; ability to invest in certain types of securities or use certain</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>types of hedging strategies, such as in the case of certain restrictions</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>imposed by ratings agencies that rate preferred shares issued by a Fund.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds will incur expenses in connection with the use of leverage, all of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which are borne by the holders of the Common Shares and may reduce</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>returns on the Common Shares.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Under the Investment Company Act of 1940, the Funds are permitted to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>issue Preferred Shares in an amount of up to 50% of its total managed</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>assets at the time of issuance. Under normal circumstances, each Fund</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>anticipates that the total economic leverage from Preferred Shares and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>TOBs will not exceed 50% of its total managed assets at the time such</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>leverage is incurred. As of January 31, 2009, the Funds had economic</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>leverage from Preferred Shares and TOBs as a percentage of their total</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>managed assets as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Percent of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Leverage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniHoldings New Jersey Insured Fund, Inc</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>39%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Insured Investment Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>41%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Michigan Insured Fund, Inc</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>40%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield New Jersey Insured Fund, Inc</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>38%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Pennsylvania Insured Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>36%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Derivative Instruments</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds may invest in various derivative instruments, including swaps</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and other instruments specified in the Notes to Financial Statements,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which constitute forms of economic leverage. Such instruments are used</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to obtain exposure to a market without owning or taking physical custody</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of securities or to hedge market and/or interest rate risks. Such derivative</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>instruments involve risks, including the imperfect correlation between </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the value of a derivative instrument and the underlying asset, possible</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>default of the other party to the transaction and illiquidity of the deriva-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tive instrument. The Funds&#146; ability to successfully use a derivative instru-</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ment depends on the Advisor&#146;s ability to accurately predict pertinent </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>market movements, which cannot be assured. The use of derivative instru-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ments may result in losses greater than if they had not been used, may</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>require the Funds to sell or purchase portfolio securities at inopportune</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>times or for prices other than current market values, may limit the amount</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of appreciation the Funds can realize on an investment or may cause </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Funds to hold a security that they might otherwise sell. The Funds&#146;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investments in these instruments are discussed in detail in the Notes </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to Financial Statements.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>9</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="51%" colSpan=9><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=2>January 31, 2009 (Unaudited)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey &#151; 145.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County/City/Special District/School District &#151; 12.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Essex County, New Jersey, Improvement Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Educational Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, Series A, 5%, 10/01/13 (b)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,091,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hopatcong, New Jersey, GO, Sewer Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(College of New Jersey), Series D,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.50%, 8/01/33 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,690</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,439,104</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/35 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 9,540</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 9,347,769</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jersey City, New Jersey, GO, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Montclair State University), Series J,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 9/01/11 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,125,780</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.25%, 7/01/30 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,775</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,118,943</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lafayette Yard, New Jersey, Community Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Montclair State University), Series L,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds (Hotel/Conference Center Project-</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/14 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,510</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,770,854</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trenton), 6%, 4/01/10 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,610,727</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Ramapo College), Series I, 4.25%, 7/01/31 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,032,213</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Middlesex County, New Jersey, Improvement Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Ramapo College), Series I, 4.25%, 7/01/36 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>716,256</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds (Senior Citizens Housing Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Rowan University), Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT, 5.50%, 9/01/30 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>435,080</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 7/01/11 (b)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>790</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>876,354</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Monmouth County, New Jersey, Improvement Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Rowan University), Series C, 5.25%, 7/01/17 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,135</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,277,234</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Governmental Loan Revenue Refunding Bonds (a):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Rowan University), Series C, 5.25%, 7/01/18 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,535</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,697,113</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.35%, 12/01/10 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>695</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>752,421</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Rowan University), Series C, 5.25%, 7/01/19 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,370</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,499,592</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 12/01/10 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>535</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>579,448</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Educational Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.35%, 12/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>845</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>885,408</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Stevens Institute of Technology), Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 12/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>935</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>980,226</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,141,468</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Perth Amboy, New Jersey, GO (Convertible CABS),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>635,958</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding, 5.711%, 7/01/37 (c)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,470</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,098,707</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Bergen Township, New Jersey, Board of Education,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Salem County, New Jersey, Improvement Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>COP (b)(c):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds (Finlaw State Office Building Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 12/15/10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,106,060</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 8/15/28 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>516,050</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 12/15/10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,580</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,754,906</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trenton, New Jersey, Parking Authority, Parking Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Paterson, New Jersey, Public School District, COP (b)(d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, 6.10%, 4/01/10 (b)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,209,828</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.125%, 11/01/09</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,980</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,083,693</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>West Deptford Township, New Jersey, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 11/01/09</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,106,620</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.625%, 9/01/10 (b)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,580</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,242,290</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Medicine and Dentistry of New Jersey, COP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>37,966,969</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 6/15/29 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,661,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Medicine and Dentistry of New Jersey,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education &#151; 27.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, Series A, 5.50%, 12/01/27 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,740</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,310,177</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, Lease Revenue Bonds (University of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Medicine and Dentistry-International Center for</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>82,393,729</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Public Health Project), 6%, 6/01/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,276,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare &#151; 10.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Educational Facilities Authority, Higher</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Health Care Facilities Financing Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education, Capital Improvement Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Department of Human Services Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.125%, 9/01/12 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,507,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Greystone Park Psychiatric Hospital Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Educational Facilities Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 9/15/23 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,775</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,555,513</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Health Care Facilities Financing Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Capital Improvement Fund), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 9/01/10 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,420</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,165,687</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Society of the Valley Hospital),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Montclair State University), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 7/01/25 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,820</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,362,201</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/21 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,262,964</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Somerset Medical Center), 5.50%, 7/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,135</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,076,744</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Montclair State University), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(South Jersey Hospital System), 6%, 7/01/12 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,440</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,258,829</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/22 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,880</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,991,974</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Rowan University), Series C, 5%, 7/01/14 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,260</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,807,321</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Rowan University), Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.125%, 7/01/14 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,615</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,245,203</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Portfolio Abbreviations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>To simplify the listings of portfolio holdings in the</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Alternative Minimum Tax (subject to)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>HFA</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing Finance Agency</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Schedules of Investments, the names and descriptions</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CABS</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital Appreciation Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>IDA</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Industrial Development Authority</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of many of the securities have been abbreviated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>COP</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Certificates of Participation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>IDR</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Industrial Development Revenue Bonds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>according to the list on the right.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>DRIVERS</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Derivative Inverse Tax-Exempt Receipts</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>M/F</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Multi-Family</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>EDA</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Economic Development Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>PCR</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pollution Control Revenue Bonds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>EDR</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Economic Development Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>S/F</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Single Family</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>GO</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>General Obligation Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>VRDN</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Variable Rate Demand Notes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=Arial color=#231f20 size=1></FONT></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>HDA</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing Development Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR>
     <TD width="30%">&nbsp; <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="22%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>10 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_11"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=7><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lease Obligations &#151; 9.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Health Care Facilities Financing Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Camden County, New Jersey, Improvement Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lease Revenue Bonds, 5.50%, 9/01/10 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,540&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,655,854</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AHS Hospital Corporation), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Carteret, New Jersey, Board of Education, COP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 7/01/13 (a)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,721,760</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 1/15/10 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>430</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>456,871</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Atlantic City Medical Center), 5.75%, 7/01/12 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,525</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,724,424</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>East Orange, New Jersey, Board of Education, COP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Atlantic City Medical Center), 6.25%, 7/01/12 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>530</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>608,058</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 8/01/12 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,895</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,485,151</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Atlantic City Medical Center), 6.25%, 7/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>925</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>958,244</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Essex County, New Jersey, Improvement Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Atlantic City Medical Center), 5.75%, 7/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,975</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,927,797</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lease Revenue Bonds (Correctional Facility Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Meridian Health System Obligation Group),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 10/01/10 (b)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,339,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 7/01/24 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>978,430</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Middlesex County, New Jersey, COP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>31,172,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 6/15/23 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,557,858</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Middlesex County, New Jersey, COP, Refunding,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing &#151; 3.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 8/01/16 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,481,109</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, State Lease Revenue Bonds (State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Agency, Home Buyer Revenue Bonds, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Office Buildings Projects) (a)(b):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series U (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 6/15/10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,220,530</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.60%, 10/01/12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>706,069</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 6/15/10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,620</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,975,417</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.65%, 10/01/13</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,075</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,092,845</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Bergen Township, New Jersey, Board of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 4/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,338,299</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.85%, 4/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>610</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>595,976</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education, COP, 6.25%, 12/15/10 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,680</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,865,976</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>28,038,086</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Agency Revenue Bonds, DRIVERS, Series 2619,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Special Tax &#151; 2.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.904%, 11/01/13 (c)(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,395</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Garden State Preservation Trust of New Jersey, Open</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Space and Farmland Preservation, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Agency Revenue Bonds, Series AA, 6.50%, 10/01/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,370</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,555,148</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds, Series C, 5.25%, 11/01/20 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,889,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Sports and Exposition Authority, State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Agency, S/F Housing Revenue Refunding Bonds, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Contract Revenue Bonds, Series A, 6%, 3/01/13 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,511,432</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series T, 4.70%, 10/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>622,344</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Newark, New Jersey, Housing Authority, Port Authority-</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,401,182</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Port Newark Marine Terminal, Additional Rent-Backed</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State &#151; 14.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds (City of Newark</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Garden State Preservation Trust of New Jersey, Capital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redevelopment Projects), 4.375%, 1/01/37 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>620</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>488,424</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Appreciation Revenue Bonds, Series B (c)(g):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,402,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.114%, 11/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,447,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.195%, 11/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,273,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>IDA/PCR/Resource Recovery &#151; 16.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Garden State Preservation Trust of New Jersey, Open</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, Cigarette Tax Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Space and Farmland Preservation Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.625%, 6/15/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,292,354</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (c):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 6/15/29 (j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,488,380</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.80%, 11/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,229,598</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 6/15/31 (j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>585</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>415,467</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.80%, 11/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,730</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,025,195</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 6/15/34 (j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,180</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>849,942</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Garden State Preservation Trust of New Jersey,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, Motor Vehicle Surcharge Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Open Space and Farmland Preservation, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Series A (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds, Series C, 5.25%, 11/01/21 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,705</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,963,766</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 7/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,474,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Sports and Exposition Authority, Luxury Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 7/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,105</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,394,502</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds (Convention Center) (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,795,860</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 3/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,890</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,416,978</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, School Facilities Construction</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 3/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,217,290</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Perth Amboy, New Jersey, GO (Convertible CABS),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series L, 5%, 3/01/30 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,593,290</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding (c)(f):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series O, 5.25%, 3/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,420</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,507,339</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.225%, 7/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,605</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,533,877</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series U, 5%, 9/01/37 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,209,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series Z, 6%, 12/15/34 (k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,922,724</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.22%, 7/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,395</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,061,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, School Facilities Construction,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tobacco Settlement Financing Corporation of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds, Series N-1,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey, Asset-Backed Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 9/01/27 (d)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,009,240</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7%, 6/01/13 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,755</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,792,874</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, Solid Waste Disposal Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>42,962,103</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds (Waste Management Inc.), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.30%, 6/01/15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,168,925</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, State Lease Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Liberty State Park Project), Series C, 5%, 3/01/22 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,670</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,806,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>48,928,123</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=7>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT JANUARY 31, 2009 11</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_12"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" colSpan=7><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="48%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="48%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=15>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation &#151; 42.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Water &amp; Sewer &#151; 3.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Delaware River Port Authority of Pennsylvania and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Atlantic Highlands, New Jersey, Highland Regional</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Revenue Bonds (c):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sewer Authority, Sewer Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 1/01/12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,148,350</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 1/01/20 (d)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,875</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,973,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.625%, 1/01/13</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,175,320</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, Water Facilities Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 1/01/15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>513,190</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(New Jersey-American Water Company, Inc. Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 1/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,865</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,972,614</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT, Series A, 5.25%, 11/01/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,387,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 1/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,525</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,634,616</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Hudson Sewage Authority, New Jersey, Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Delaware River Port Authority of Pennsylvania and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds, 5.125%, 8/01/20 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,335</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,663,810</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Revenue Bonds (Port District Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Rahway Valley Sewerage Authority, New Jersey,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5.625%, 1/01/26 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,425</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,405,285</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sewer Revenue Bonds, CABS, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hudson County, New Jersey, Improvement Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.788%, 9/01/28 (d)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,081,310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Parking Revenue Bonds (Harrison Parking Facility</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,106,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Project), Series C, 5.375%, 1/01/44 (k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,571,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Morristown, New Jersey, Parking Authority Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in New Jersey &#151; 145.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>427,700,928</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 8/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,830</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,792,229</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Puerto Rico &#151; 9.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 8/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,905,290</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Transit Corporation, COP</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare &#151; 1.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Federal Transit Administration Grants), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Industrial, Tourist, Educational, Medical and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.125%, 9/15/09 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,581,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Environmental Control Facilities Revenue Bonds, Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Hospital Auxilio Mutuo Obligation Group),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation System Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 7/01/24 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,780</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,709,370</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 6%, 6/15/10 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,051,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Hospital de la Concepcion),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.625%, 12/15/28 (k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,077,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%, 11/15/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,802,448</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5%, 12/15/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,425</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,330,836</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,511,818</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C, 5.50%, 6/15/13</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,030</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,204,770</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C, 4.712%, 12/15/32 (c)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,050</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>991,035</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing &#151; 2.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C, 5.049%, 12/15/35 (a)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>237,706</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Housing Financing Authority, Capital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C, 5.049%, 12/15/36 (a)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>871,860</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Funding Program, Subordinate Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series D, 5%, 6/15/19 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,402,940</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, 5.125%, 12/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,285</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,169,167</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lease Obligations &#151; 0.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation System Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Public Buildings Authority, Government</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.25%, 12/15/20 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,233,608</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Facilities Revenue Refunding Bonds, Series M-3,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5.50%, 12/15/21 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,165</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,075,359</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 7/01/27 (d)(l)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,125</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,003,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Turnpike Authority, Turnpike Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation &#151; 1.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Series B, 5.926%, 1/01/35 (a)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,615</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,978,535</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Commonwealth Highway and Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Turnpike Authority, Turnpike Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Highway Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds, Series C (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series CC, 5.50%, 7/01/31 (k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,044,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%, 1/01/16 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,610</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,473,272</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%, 1/01/16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>910</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,124,951</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Electric &amp; Gas &#151; 1.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Port Authority of New York and New Jersey, Consolidated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Electric Power Authority, Power</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds, AMT, 152nd Series:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 11/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,175</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,957,857</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series HH, 5.25%, 7/01/10 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,149,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 11/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,224,440</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series RR, 5%, 7/01/28 (m)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,352,611</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Port Authority of New York and New Jersey, Special</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,502,491</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Obligation Revenue Bonds (JFK International Air</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Water &amp; Sewer &#151; 2.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Terminal LLC), AMT, Series 6 (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Commonwealth Aqueduct and Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 12/01/11</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,625,010</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Senior Lien Revenue Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 12/01/15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,431,540</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.125%, 7/01/47 (k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,870</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,692,963</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 12/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,294,460</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Commonwealth Infrastructure Financing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Jersey Port Corporation of New Jersey, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Special Tax and Capital Appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, Series A, 4.353%, 7/01/37 (a)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>466,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.50%, 1/01/15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,008,038</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.50%, 1/01/16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,920</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,035,930</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,159,563</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>126,330,166</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Puerto Rico &#151; 9.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>28,390,864</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds &#151; 154.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>456,091,792</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>12 SEMI-ANNUAL REPORT JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_13"></A>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (concluded) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts (n)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey &#151; 8.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing &#151; 5.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Agency, Capital Fund Program Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (c):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.70%, 11/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,790&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,850,641</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 5/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,225</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,762,879</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,613,520</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State &#151; 3.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Garden State Preservation Trust of New Jersey, Open</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Space and Farmland Preservation Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.75%, 11/01/28 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,160</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,375,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts &#151; 8.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>25,988,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Long-Term Investments</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#151; $484,682,250) &#151; 163.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="33%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>482,080,752</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Money Market Funds &#151; 0.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CMA New Jersey Municipal Money Fund, 0.22% (o)(p)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>310,880</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>310,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#151; $310,880) &#151; 0.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>310,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Investments (Cost &#151; $484,993,130*) &#151; 163.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="33%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>482,391,632</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other Assets Less Liabilities &#151; 1.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,974,508</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3>&nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expense and Fees Payable &#151; (5.1)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(14,928,615)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares, at Redemption Value &#151; (60.0)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="33%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(176,716,565)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="33%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$294,720,960</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="97%" colSpan=7>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>* The cost and unrealized appreciation (depreciation) of investments as of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31, 2009, as computed for federal income tax purposes, were</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>as follows:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate cost</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="33%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$471,344,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="33%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 18,254,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(22,031,873)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="33%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (3,777,393)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMBAC Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>US government securities, held in escrow, are used to pay interest on this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>security as well as to retire the bond in full at the date indicated, typically at</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>a premium to par.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FSA Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MBIA Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FGIC Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents a step-up bond that pays an initial coupon rate for the first period</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and then a higher coupon rate for the following periods. Rate shown reflects the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>current yield as of report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="74%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Security is collateralized by Municipal or US Treasury Obligations.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="72%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Variable rate security. Rate shown is as of report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Radian Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assured Guaranty Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(l)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commonwealth Guaranteed.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(m)&nbsp;&nbsp;&nbsp;&nbsp; CIFG Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(n)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities represent underlying bonds transferred to a tender option bond trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>in exchange for which the Fund acquired residual interest certificates. These</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities serve as collateral in a financing transaction. See Note 1 of the Notes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>to Financial Statements for details of municipal bonds transferred to tender</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>option bond trusts.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(o)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in companies considered to be an affiliate of the Fund, for purposes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="92%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Affiliate</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Activity</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CMA New Jersey Municipal Money Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(9,440,026)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$59,996</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="51%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(p)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents the current yield as of report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>For Fund compliance purposes, the Fund&#146;s industry classifications refer to any</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>one or more of the industry sub-classifications used by one or more widely </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>recognized market indexes or ratings group indexes, and/or as defined by Fund</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>management. This definition may not apply for purposes of this report which </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>may combine industry sub-classifications for reporting ease.</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Statement of Financial Accounting Standards No. 157, &#147;Fair Value Measurements&#148;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(&#147;FAS 157&#148;). FAS 157 clarifies the definition of fair value, establishes a framework</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>for measuring fair values and requires additional disclosures about the use of fair</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>value measurements. Various inputs are used in determining the fair value of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>investments, which are as follows:</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1 &#151; price quotations in active markets/exchanges for identical </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>for similar assets or liabilities in markets that are not active, inputs other than</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>quoted prices that are observable for the assets or liabilities (such as interest</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and default rates) or other market-corroborated inputs)</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3 &#151; unobservable inputs based on the best information available in the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>circumstance, to the extent observable inputs are not available (including the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund&#146;s own assumption used in determining the fair value of investments)</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The inputs or methodology used for valuing securities are not necessarily an in-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>dication of the risk associated with investing in those securities. For information</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>about the Fund&#146;s policy regarding valuation of investments and other significant</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>accounting policies, please refer to Note 1 of the Notes to Financial Statements.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The following table summarizes the inputs used as of January 31, 2009 in deter-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>mining the fair valuation of the Fund&#146;s investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Inputs</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assets</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 310,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>482,080,752</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 482,391,632</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT JANUARY 31, 2009 13</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_14"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%" colSpan=9><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=2>January 31, 2009 (Unaudited)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Insured Investment Fund (MFT)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>District of Columbia &#151; 0.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Florida (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Water &amp; Sewer &#151; 0.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>District of Columbia, Water and Sewer Authority, Public</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jacksonville, Florida, Health Facilities Authority, Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utility Revenue Refunding Bonds, Senior Lien,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds (Baptist Medical Center Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 6%, 10/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 750&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 784,635</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 8/15/37 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,875&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,519,794</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lee Memorial Health System, Florida, Hospital Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Series A, 5%, 4/01/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,466,360</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Florida &#151; 122.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Orange County, Florida, Health Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County/City/Special District/School/District &#151; 9.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital Revenue Bonds (Orlando Regional</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lee County, Florida, Capital Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Healthcare), 6%, 12/01/12 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,835</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,137,940</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 10/01/23 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,285</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,353,024</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Orange County, Florida, Health Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Leesburg, Florida, Capital Improvement Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital Revenue Refunding Bonds (Orlando</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, 5.25%, 10/01/34 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>930,720</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Regional Healthcare), Series B, 5.25%, 12/01/29 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,450</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,342,599</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miami-Dade County, Florida, Special Obligation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Lake County, Florida, Hospital District Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, Sub-Series A (f)(g):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds (South Lake Hospital Inc.), 5.80%, 10/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>800,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.184%, 10/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>893,813</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,966,983</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.20%, 10/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,735</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,002,593</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing &#151; 2.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Orange County, Florida, Sales Tax Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Florida HFA, Housing Revenue Bonds (Brittany</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Series A, 5.125%, 1/01/23 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,012,510</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Rosemont Apartments), AMT, Series C-1,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Palm Beach County, Florida, Criminal Justice Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.75%, 8/01/14 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>845</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>846,352</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, 7.20%, 6/01/15 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,876,920</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Florida Housing Finance Corporation, Homeowner</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Saint Johns County, Florida, Sales Tax Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Mortgage Revenue Bonds, AMT, Series 11,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.25%, 10/01/31 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,349,586</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.95%, 1/01/32 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,520</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,479,173</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </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 color=#231f20 size=1>9,419,166</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Florida Housing Finance Corporation, Homeowner</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education &#151; 31.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Mortgage Revenue Refunding Bonds, AMT, Series 4,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Alachua County, Florida, School Board, COP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 7/01/22 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>265</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>273,757</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 7/01/29 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,171,898</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,599,282</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Broward County, Florida, Educational Facilities Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>IDA/PCR/Resource Recovery &#151; 13.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds (Nova Southeastern University),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hillsborough County, Florida, IDA, PCR, Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 4/01/31 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,720</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,620,962</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Tampa Electric Company Project), Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Broward County, Florida, School Board, COP, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.15%, 9/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>494,620</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 7/01/33 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,889,580</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jacksonville, Florida, Economic Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Florida State Board of Education, Lottery Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commission, IDR (Metropolitan Parking Solutions</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Series A, 6%, 7/01/10 (d)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,190</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,710,084</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Project), AMT, 5.50%, 10/01/30 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,140</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>808,089</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hillsborough County, Florida, School Board, COP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miami-Dade County, Florida, IDA, IDR (BAC Funding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/29 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>921,790</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Corporation Project), Series A, 5.375%, 10/01/30 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,655</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,645,434</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miami-Dade County, Florida, School Board, COP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miami-Dade County, Florida, Solid Waste System</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding, Series B, 5.25%, 5/01/30 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,415</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,362,277</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, 5.25%, 10/01/30 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,865</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,810,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Orange County, Florida, Educational Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Orange County, Florida, Tourist Development, Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Educational Facilities Revenue Refunding Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds, 5%, 10/01/29 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,190</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,946,603</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Rollins College Project), 5.50%, 12/01/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,765</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,545,762</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Orlando, Florida, Senior Tourist Development Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Palm Beach County, Florida, School Board, COP:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds (6th Cent Contract Payments),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding, Series D, 5.25%, 8/01/21 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,072,360</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.25%, 11/01/38 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,866,160</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 6%, 8/01/10 (d)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,430,350</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Osceola County, Florida, Tourist Development Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5%, 8/01/31 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,197,781</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, Series A, 5.50%, 10/01/27 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,067,451</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Santa Rosa County, Florida, School Board, COP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Village Center Community Development District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding, Series 2, 5.25%, 2/01/26 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,880,020</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Florida, Recreational Revenue Bonds, Series A (f):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Central Florida Athletics Association Inc.,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 11/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,640</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,417,944</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>COP, Series A, 5.25%, 10/01/34 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,280</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,717,798</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.125%, 11/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>824,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Central Florida, COP (UCF Convocation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Volusia County, Florida, IDA, Student Housing Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Center), Series A, 5%, 10/01/35 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,795</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,774,937</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds (Stetson University Project), Series A (i):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </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 color=#231f20 size=1>32,295,599</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 6/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>853,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare &#151; 8.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 6/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>753,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jacksonville, Florida, Economic Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,487,481</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commission, Health Care Facilities Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds (Mayo Clinic-Jacksonville), Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 11/15/36 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>699,510</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>14 SEMI-ANNUAL REPORT JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_15"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=7><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Insured Investment Fund (MFT)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&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="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=15>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Florida (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Florida (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Special Tax &#151; 1.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="31%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Irrigation, Resource Recovery, Solid Waste</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jacksonville, Florida, Guaranteed Entitlement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&amp; Other &#151; 9.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding and Improvement Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Boynton Beach, Florida, Utility System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 10/01/32 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,455&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,412,674</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds, 6.25%, 11/01/20 (d)(j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 700&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 869,155</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation &#151; 35.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Emerald Coast, Florida, Utilities Authority, System</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Deltona, Florida, Transportation Capital Improvement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, 5.25%, 1/01/36 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>897,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, 5.125%, 10/01/26 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>940,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Saint Johns County, Florida, Ponte Vedra Utility System</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Florida State Turnpike Authority, Turnpike Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, 5%, 10/01/31 (c):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,425</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,262,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds (Department of Transportation), Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Village Center Community Development District, Florida,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,860</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,777,509</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utility Revenue Bonds (f):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hillsborough County, Florida, Aviation Authority Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 10/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,585</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,634,244</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, AMT, Series A, 5.50%, 10/01/38 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,505</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,128,073</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.125%, 10/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,030</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,719,546</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hillsborough County, Florida, Aviation Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,383,735</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds, AMT, Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Water &amp; Sewer &#151; 4.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 10/01/26 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>942,790</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Florida State Governmental Utility Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jacksonville, Florida, Port Authority Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utility Revenue Bonds (Lehigh Utility System),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT, 6%, 11/01/38 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,329,910</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.125%, 10/01/33 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>931,760</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jacksonville, Florida, Port Authority, Seaport Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miami Beach, Florida, Water and Sewer Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, AMT, 5.625%, 11/01/26 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,225</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,082,361</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, 5.75%, 9/01/25 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,064,860</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lee County, Florida, Airport Revenue Bonds, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Panama City, Florida, Water and Sewer Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 6%, 10/01/29 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>923,220</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5.25%, 10/01/22 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,562,505</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miami-Dade County, Florida, Aviation Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT, Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,559,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 10/01/33 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,041,071</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Florida</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>125,721,658</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Miami International Airport), 6%, 10/01/24 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,798,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miami-Dade County, Florida, Aviation Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds (Miami International Airport),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Illinois &#151; 3.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT Series A (c):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation &#151; 1.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 10/01/41</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>969,948</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chicago, Illinois, Transit Authority, Capital Grant</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 10/01/41</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,019,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Receipts Revenue Bonds (Federal Transit</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miami-Dade County, Florida, Expressway Authority, Toll</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Administration Section 5309 Formula Funds),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>System Revenue Bonds, Series B (d)(f):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 6%, 6/01/26 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,532,230</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 7/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000,420</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,197,584</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Electric &amp; Gas &#151; 1.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Orlando-Orange County Expressway Authority, Florida,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Illinois Municipal Electric Agency, Power Supply</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expressway Revenue Bonds, Series B (a):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, Series A, 5.25%, 2/01/28 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,565</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,548,317</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,950</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,712,526</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Illinois</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,080,547</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,815</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,167,371</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>36,031,083</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Louisiana &#151; 0.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Electric &amp; Gas &#151; 7.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Daytona Beach, Florida, Utility System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation &#151; 0.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds, Series B, 5%, 11/15/27 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>825,290</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Orleans, Louisiana, Aviation Board Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lakeland, Florida, Electric and Water Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds (b):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds, Series A, 5%, 10/01/28 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,917,680</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A-1, 6%, 1/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>376,646</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Martin County, Florida, Utilities System Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A-2, 6%, 1/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>160</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>161,658</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.125%, 10/01/33 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>919,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Louisiana</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>538,304</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Polk County, Florida, Utility System Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 10/01/22 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,016,050</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Port St. Lucie, Florida, Utility Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Michigan &#151; 2.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 9/01/24 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,055</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,066,130</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare &#151; 1.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Saint Johns County, Florida, Ponte Vedra Utility System</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Royal Oak, Michigan, Hospital Finance Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, 5%, 10/01/35 (c):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>917,340</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital Revenue Refunding Bonds (William</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Saint Lucie, Florida, West Services District, Utility</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Beaumont Hospital), 8.25%, 9/01/39</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,265</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,292,526</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, 5.25%, 10/01/34 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>904,740</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,566,530</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>15</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="46%" colSpan=7><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Insured Investment Fund (MFT)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Michigan (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Virginia &#151; 1.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Water &amp; Sewer &#151; 1.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education &#151; 1.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Detroit, Michigan, Sewage Disposal System, Second</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Virginia State Public School Authority, Special</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lien Revenue Refunding Bonds, Series E,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Obligation School Financing Bonds (Fluvanna</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 7/01/31 (d)(k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,026,270</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County), 6.50%, 12/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,100&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,214,279</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Michigan</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </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 color=#231f20 size=1>2,318,796</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico &#151; 0.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Minnesota &#151; 3.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lease Obligations &#151; 0.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Public Buildings Authority, Government</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare &#151; 3.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Facilities Revenue Refunding Bonds, Series I,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Minneapolis, Minnesota, Health Care System, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/36 (l)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>791,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds (Fairview Health Services),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 6.50%, 11/15/38 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,168,660</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds &#151; 142.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>146,370,787</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Nevada &#151; 2.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County/City/Special District/School/District &#151; 2.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts (m)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Clark County, Nevada, Water Reclamation District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Limited Tax, GO, 6%, 7/01/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,010</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,129,997</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Florida &#151; 17.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County/City/Special District/School/District &#151; 2.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey &#151; 1.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jacksonville, Florida, Sales Tax Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>IDA/PCR/Resource Recovery &#151; 1.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 10/01/27 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,320</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,310,417</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, School Facilities Construction Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Manatee County, Florida, HFA, Homeowner Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Series Z, 6%, 12/15/34 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,043,830</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, AMT, Series A, 5.9, 9/01/40 (n)(o)(p)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,011</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000,532</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,310,949</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New York &#151; 0.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare &#151; 12.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miami-Dade County, Florida, Health Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education &#151; 0.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital Revenue Refunding Bonds (Miami Children&#146;s</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York City, New York, City Transitional Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital), Series A, 5.625%, 8/15/18 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,756,990</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Building Aid Revenue Bonds, Series S-3,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Broward, Florida, Hospital District, Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 1/15/39</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>953,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, 5.625%, 5/01/32 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,581,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,338,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Texas &#151; 4.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing &#151; 1.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lee County, Florida, HFA, S/F Mortgage Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education &#151; 1.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds (Multi-County Program), AMT, Series A-2,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tarrant County, Texas, Cultural Education Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 9/01/40 (n)(o)(p)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,923,066</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financing Corporation, Revenue Refunding Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(CHRISTUS Health), Series A, 6.50%, 7/01/37 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,149,798</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Electric &amp; Gas &#151; 1.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jacksonville Electric Authority, Florida, Saint John&#146;s</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare &#151; 0.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>River Power Park System Revenue Bonds, Issue Three,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Harris County, Texas, Health Facilities Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series 2, 5%, 10/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,290</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,183,497</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Corporation, Hospital Revenue Refunding Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Memorial Hermann Healthcare System), Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds Transferred to Tender Option</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.25%, 12/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>522,075</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bond Trusts &#151; 17.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,756,462</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation &#151; 2.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Long-Term Investments</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Texas Tollway Authority, System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#151; $173,909,298) &#151; 160.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>164,127,249</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds, First Tier:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.75%, 1/01/40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,523,970</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series K-1, 5.75%, 1/01/38 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,429,638</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </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 color=#231f20 size=1>2,953,608</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Texas</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </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 color=#231f20 size=1>4,625,481</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>16 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_17"></A>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (concluded) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Insured Investment Fund (MFT)</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Pennsylvania &#151; 1.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia, Pennsylvania, GO, VRDN, Refunding,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 3.75%, 2/05/09 (c)(q)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,800,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Money Market Funds &#151; 5.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CMA Florida Municipal Money Fund, 0.11% (r)(s)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,548,510</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,548,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#151; $7,348,510) &#151; 7.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,348,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Investments (Cost &#151; $181,257,808*) &#151; 167.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>171,475,759</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other Assets Less Liabilities &#151; 1.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,910,744</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3>&nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expense and Fees Payable &#151; (8.4)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(8,563,227)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares, at Redemption Value &#151; (60.7)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(62,257,607)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$102,565,669</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%" colSpan=3>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=7>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>* The cost and unrealized appreciation (depreciation) of investments as of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31, 2009, as computed for federal income tax purposes, were</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>as follows:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate cost</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 172,812,151</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,526,655</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(14,353,679)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (9,827,024)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMBAC Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assured Guaranty Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FSA Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FGIC Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>US government securities, held in escrow, are used to pay interest on this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>security as well as to retire the bond in full at the date indicated, typically at</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>a premium to par.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MBIA Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>ACA Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CIFG Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Security is collateralized by Municipal or US Treasury Obligations.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BHAC Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(l)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commonwealth Guaranteed.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=7><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(m)&nbsp;&nbsp;&nbsp;&nbsp; Securities represent underlying bonds transferred to a tender option bond trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>in exchange for which the Fund acquired residual interest certificates. These</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities serve as collateral in a financing transaction. See Note 1 of the Notes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>to Financial Statements for details of municipal bonds transferred to tender</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>option bond trusts.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(n)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FHLMC Collateralized.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(o)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FNMA Collateralized.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(p)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>GNMA Collateralized.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(q)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Security may have a maturity of more than one year at the time of issuance, but</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>has variable rate and demand features that qualify it as a short-term security. The</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rate disclosed is as of report date. This rate changes periodically based upon</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>prevailing market rates.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(r)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in companies considered to be an affiliate of the Fund, for purposes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="92%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Affiliate</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Activity</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CMA Florida Municipal Money Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,863,534)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$36,359</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="51%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(s)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents the current yield as of report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>For Fund compliance purposes, the Fund&#146;s industry classifications refer to any</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>one or more of the industry sub-classifications used by one or more widely </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>recognized market indexes or ratings group indexes, and/or as defined by Fund</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>management. This definition may not apply for purposes of this report which </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>may combine industry sub-classifications for reporting ease.</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Statement of Financial Accounting Standards No. 157, &#147;Fair Value Measurements&#148;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(&#147;FAS 157&#148;). FAS 157 clarifies the definition of fair value, establishes a framework</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>for measuring fair values and requires additional disclosures about the use of fair</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>value measurements. Various inputs are used in determining the fair value of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>investments, which are as follows:</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1 &#151; price quotations in active markets/exchanges for identical </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>for similar assets or liabilities in markets that are not active, inputs other than</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>quoted prices that are observable for the assets or liabilities (such as interest</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and default rates) or other market-corroborated inputs)</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3 &#151; unobservable inputs based on the best information available in the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>circumstance, to the extent observable inputs are not available (including the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund&#146;s own assumption used in determining the fair value of investments)</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The inputs or methodology used for valuing securities are not necessarily an in-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>dication of the risk associated with investing in those securities. For information</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>about the Fund&#146;s policy regarding valuation of investments and other significant</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>accounting policies, please refer to Note 1 of the Notes to Financial Statements.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The following table summarizes the inputs used as of January 31, 2009 in deter-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>mining the fair valuation of the Fund&#146;s investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Inputs</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assets</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,548,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>165,927,249</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 171,475,759</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT JANUARY 31, 2009 17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="50%" colSpan=7><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=2>January 31, 2009 (Unaudited)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=15>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Michigan &#151; 140.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Michigan (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County/City/Special District/School/District &#151; 30.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="33%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County/City/Special District/School/District (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Adrian, Michigan, City School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Thornapple Kellogg School District, Michigan, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 5/01/14 (a)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,600&nbsp;</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$</FONT>&nbsp; 4,191,336</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding, 5%, 5/01/32 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,500&nbsp;</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$</FONT>&nbsp; 2,452,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Birmingham, Michigan, City School District, School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>West Bloomfield, Michigan, School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Building and Site, GO, 5%, 11/01/33 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>979,070</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding (b)(d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Central Montcalm, Michigan, Public Schools, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 5/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,710</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,875,973</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.90%, 5/01/09 (a)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,013,770</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 5/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,225</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,323,919</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Detroit, Michigan, City School District, GO (School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Zeeland, Michigan, Public Schools, School Building</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Building and Site Improvement):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Site, GO, 5%, 5/01/29 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,577,824</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding, Series A, 5%, 5/01/21 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,080,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>75,168,523</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.375%, 5/01/13 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,667,861</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5%, 5/01/28 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,903,087</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education &#151; 7.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Eaton Rapids, Michigan, Public Schools, School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Eastern Michigan University, General Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Building and Site, GO (e):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds (c):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 5/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,437,506</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 6/01/10 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>590</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>637,294</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 5/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,675</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,790,592</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 6/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>435</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>454,371</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Frankenmuth, Michigan, School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="33%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Eastern Michigan University Revenue Bonds, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 5/01/10 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,063,220</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.60%, 6/01/10 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,595,955</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gibraltar, Michigan, School District, GO (School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="33%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Grand Valley State University, Michigan, Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Building and Site) (b):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 2/01/18 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,070</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,281,595</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 5/01/14 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,940</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,422,924</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="33%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan Higher Education Facilities Authority, Limited</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 5/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>710</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>710,270</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="33%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Obligation Revenue Bonds (Hillsdale College Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Grand Blanc, Michigan, Community Schools, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 3/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,875</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,541,981</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.625%, 5/01/20 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,175,691</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="33%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan Higher Education Facilities Authority, Limited</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gull Lake, Michigan, Community School District, School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Obligation Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Building and Site, GO, 5%, 5/01/14 (a)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,625</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,548,963</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(College for Creative Studies), 5.85%, 6/01/12 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,235</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,404,393</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Harper Woods, Michigan, City School District, School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(College for Creative Studies), 5.90%, 6/01/12 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,145</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,303,892</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Building and Site, GO, Refunding (b):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Hope College), Series A, 5.90%, 4/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,840,005</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 5/01/14 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,345</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,058,710</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan Higher Education Student Loan Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 5/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>430</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>416,778</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Student Loan Revenue Bonds, AMT, Series XVII-Q,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hartland, Michigan, Consolidated School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 3/01/31 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,055,060</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 5/01/10 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,825</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,277,703</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan Municipal Bond Authority Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jenison, Michigan, Public Schools, School Building and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Local Government Loan Program), Group A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Site, GO, 5.50%, 5/01/19 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,575</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,688,495</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 11/01/20 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,065</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,089,921</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lansing, Michigan, Building Authority, GO, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Saginaw Valley State University, Michigan, General</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 6/01/13 (a)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,510</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,756,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds, 5%, 7/01/24 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,066,673</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Montrose Township, Michigan, School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Waverly, Michigan, Community School, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.20%, 5/01/17 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,223,170</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 5/01/10 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,163,404</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Norway Vulcan, Michigan, Area Schools, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,434,544</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.90%, 5/01/09 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,115,202</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare &#151; 22.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Oak Park, Michigan, Street Improvement, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dickinson County, Michigan, Healthcare</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 5/01/30 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>470,045</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>System, Hospital Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Orchard View, Michigan, Schools, School Building and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.80%, 11/01/24 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,492,462</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Site, GO, 5%, 11/01/13 (a)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,320</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,166,465</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Flint, Michigan, Hospital Building Authority, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennfield, Michigan, School District, School Building</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="33%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds (Hurley Medical Center), Series A (h):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Site, GO, 5%, 5/01/14 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,370</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,586,816</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 7/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>615</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>451,189</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Reed, Michigan, City Public Schools, School Building</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 7/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,073,559</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Site, GO, 5%, 5/01/14 (a)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,425</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,659,071</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kent, Michigan, Hospital Finance Authority, Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Haven, Michigan, Public Schools, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds (Butterworth Hospital),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 5/01/13 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,350</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,545,129</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 7.25%, 1/15/13 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,685</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,983,357</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Southfield, Michigan, Library Building Authority, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kent, Michigan, Hospital Finance Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 5/01/10 (a)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,378,143</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds (Spectrum Health), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Southfield, Michigan, Public Schools, School Building</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 7/15/11 (a)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,331,380</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Site, GO, Series A, 5%, 5/01/14 (a)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,069,170</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State Hospital Finance Authority, Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sparta, Michigan, Area Schools, School Building and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds (Mid-Michigan Obligation Group),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Site, GO, 5%, 5/01/14 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,542,645</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.50%, 4/15/18 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,530</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,550,974</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>18 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=5><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="49%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="49%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Michigan (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Michigan (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>IDA/PCR/Resource Recovery &#151; 12.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State Hospital Finance Authority, Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Delta County, Michigan, Economic Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Corporation, Environmental Improvement Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Crittenton Hospital), Series A, 5.625%, 3/01/27&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,200&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,856,404</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds (Mead Westvaco-Escanaba), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Oakwood Obligated Group), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 6.45%, 4/15/12 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,726,844</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/15/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,351,012</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dickinson County, Michigan, Economic Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Oakwood Obligated Group), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Corporation, Environmental Improvement Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/15/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>630</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>448,636</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds (International Paper Company</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Sparrow Obligated Group), 5%, 11/15/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,283,460</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Project), Series A, 5.75%, 6/01/16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,277,599</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State Hospital Finance Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State Strategic Fund, Limited Obligation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds (Detroit Edison</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(McLaren Health Care Corporation), Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Company Pollution Control Project), AMT Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 8/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>712,260</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.55%, 9/01/29 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,457,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Mid-Michigan Obligor Group), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Monroe County, Michigan, Economic Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 4/15/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,326,728</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Corporation, Limited Obligation Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Trinity Health Credit Group), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds (Detroit Edison Co. Project), Series AA,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 12/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>930</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>947,679</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.95%, 9/01/22 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,466,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Trinity Health Credit Group), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30,928,673</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%, 12/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,024,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State Hospital Finance Authority, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lease Obligations &#151; 14.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Grand Rapids, Michigan, Building Authority Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Ascension Health Credit), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Series A, 5.50%, 10/01/12 (a)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,035</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,187,849</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 11/15/09 (a)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,637,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State Building Authority, Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Henry Ford Health System), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds (Facilities Program):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 11/15/46</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,623,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series I, 5.50%, 10/15/10 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,716,030</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(McLaren Health Care Corporation),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series I, 5.50%, 10/15/11 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,030</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,437,560</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 5/15/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,606,480</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series I, 5.50%, 10/15/18 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,607,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Saint John Hospital), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series I, 6.25%, 10/15/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,076,163</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 5/15/13 (c)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,078,120</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series II, 5%, 10/15/29 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,172,505</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Trinity Health Credit Group), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>35,197,907</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 12/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,272,930</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Special Tax &#151; 0.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Trinity Health Credit Group), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wayne Charter County, Michigan, Detroit Metropolitan</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 12/01/27 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,449,024</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Airport, GO, Airport Hotel, Series A, 5%, 12/01/30 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,643,670</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Trinity Health Credit Group), Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 12/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,003,530</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State &#151; 1.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Trinity Health Credit Group), Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan Higher Education Student Loan Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 12/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,755</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,475,403</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Student Loan Revenue Bonds, AMT, Series XVII-B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Trinity Health Credit Group), Series D,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.40%, 6/01/18 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,243,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 8/15/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,654,251</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State, COP, 5.515%, 6/01/22 (c)(f)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,744,230</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Royal Oak, Michigan, Hospital Finance Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,987,405</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital Revenue Refunding Bonds (William</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Beaumont Hospital), 8.25%, 9/01/39</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,021,760</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation &#151; 17.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Saginaw, Michigan, Hospital Finance Authority, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wayne Charter County, Michigan, Airport Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds (Covenant Medical Center),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds (Detroit Metropolitan Wayne County), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series E, 5.625%, 7/01/13 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,540,525</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.375%, 12/01/15 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,660</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,747,732</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wayne County, Michigan, Airport Authority Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55,196,623</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds (Detroit Metropolitan Wayne County Airport),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing &#151; 2.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Eastern Michigan University Revenue Bonds, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 12/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,525</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,598,071</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.625%, 6/01/10 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,310</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,394,233</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 12/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,475,015</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State, HDA, Limited Obligation M/F Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 12/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,160</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,092,130</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, AMT (i):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wayne County, Michigan, Airport Authority, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Deaconess Towers Apartments), 5.25%, 2/20/48</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>842,180</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds, AMT (j):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Williams Pavilion Apartments), 4.75%, 4/20/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,050</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,168,801</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 12/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,793,160</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State, HDA, Rental Housing Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&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="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 12/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>941,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT, Series A, 5.30%, 10/01/37 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>173,598</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 12/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,400,220</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,578,812</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>42,047,808</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=12>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>19</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="48%" colSpan=5><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="48%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="48%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Michigan (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Puerto Rico (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Electric &amp; Gas &#151; 10.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation &#151; 1.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State Strategic Fund, Limited Obligation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Commonwealth Highway and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds (Detroit Edison</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation Authority, Highway Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Company Pollution Control Project), Series AA,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds, Series CC, 5.50%, 7/01/31 (j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,035,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.95%, 5/01/11 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 6,473,760</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Puerto Rico</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,594,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Saint Clair County, Michigan, Economic Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds (Detroit Edison Co. Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds &#151; 144.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>355,035,774</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series AA, 6.40%, 8/01/24 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18,201,212</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>24,674,972</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Water &amp; Sewer &#151; 21.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Detroit, Michigan, Water Supply System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts (l)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Senior Lien, Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.875%, 1/01/10 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,323,274</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Michigan &#151;12.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 7/01/11 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,069,540</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/13 (a)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,279,837</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County/City/Special District/School/District &#151; 7.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/25 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,648,040</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lakewood, Michigan, Public Schools, School Building</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/34 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,605,904</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Site, GO, 5%, 5/01/37 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,775</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,580,443</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Detroit, Michigan, Water Supply System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Portage, Michigan, Public Schools, School Building and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Second Lien, Series B (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Site, GO, 5%, 5/01/31 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,582,110</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/13 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,768,998</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Saginaw Valley State University, Michigan, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,420</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,966,128</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds, 5%, 7/01/31 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,206,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Detroit, Michigan, Water Supply System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18,369,078</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Series B, 5.25%, 7/01/13 (a)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,790</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,580,783</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education &#151; 4.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Detroit, Michigan, Water Supply System, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wayne State University, Michigan, University Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds, 5%, 11/15/35 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,207</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,909,878</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 7/01/12 (b)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,180</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,279,852</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Second Lien, Series C, 5%, 7/01/29 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,570</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,078,890</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds Transferred to Tender Option</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Muskegon Heights, Michigan, Water System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bond Trusts &#151; 12.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30,278,956</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Series A, 5.625%, 11/01/10 (a)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,830</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,981,451</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Long-Term Investments</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>52,582,697</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#151; $394,972,718) &#151; 157.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>385,314,730</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Michigan</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>344,441,634</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Puerto Rico &#151; 4.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing &#151; 0.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Money Market Funds &#151; 6.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Housing Financing Authority, Capital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CMA Michigan Municipal Money Fund,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Funding Program, Subordinate Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.26% (m)(n)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,825,573</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,825,573</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, 5.125%, 12/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,963,140</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lease Obligations &#151; 1.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#151; $16,825,573) &#151; 6.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,825,573</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Public Buildings Authority, Government</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Investments (Cost &#151; $411,798,291*) &#151; 164.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>402,140,303</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Facilities Revenue Refunding Bonds, Series M-3,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other Assets Less Liabilities &#151; 1.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,989,225</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 7/01/27 (d)(k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,979,460</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Sales Tax Financing Corporation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expense and Fees Payable &#151; (6.6)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(16,267,495)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sales Tax Revenue Refunding Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares, at Redemption Value &#151; (59.0)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(144,668,870)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.991%, 8/01/46 (d)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>20,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,470,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$245,193,163</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,449,660</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%" colSpan=5>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>* The cost and unrealized appreciation (depreciation) of investments as of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State &#151; 0.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31, 2009, as computed for federal income tax purposes, were</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Sales Tax Financing Corporation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>as follows:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sales Tax Revenue Refunding Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.192%, 8/01/43 (d)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,145,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate cost</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 396,056,496</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15,787,032</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(25,893,225)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (10,106,193)</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=7>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>20 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_21"></A>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (concluded)&nbsp;&nbsp;&nbsp; </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)</FONT></B></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>US government securities, held in escrow, are used to pay interest on this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>security as well as to retire the bond in full at the date indicated, typically at a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>premium to par.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FGIC Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMBAC Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MBIA Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FSA Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Security is collateralized by Municipal or US Treasury Obligations.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>ACA Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>GNMA Collateralized.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assured Guaranty Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commonwealth Guaranteed.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(l)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities represent underlying bonds transferred to a tender option bond trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>in exchange for which the Fund acquired residual interest certificates. These</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities serve as collateral in a financing transaction. See Note 1 of the Notes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>to Financial Statements for details of municipal bonds transferred to tender</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>option bond trusts.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(m)&nbsp;&nbsp;&nbsp;&nbsp; Represents the current yield as of report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(n)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in companies considered to be an affiliate of the Fund, for purposes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="92%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Affiliate</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Activity</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CMA Michigan Municipal Money Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,258,040</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$60,484</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>For Fund compliance purposes, the Fund&#146;s industry classifications refer to any</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>one or more of the industry sub-classifications used by one or more widely </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>recognized market indexes or ratings group indexes, and/or as defined by Fund</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>management. This definition may not apply for purposes of this report which </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>may combine industry sub-classifications for reporting ease.</FONT></P>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Statement of Financial Accounting Standards No. 157, &#147;Fair Value Measurements&#148;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(&#147;FAS 157&#148;). FAS 157 clarifies the definition of fair value, establishes a framework</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>for measuring fair values and requires additional disclosures about the use of fair</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>value measurements. Various inputs are used in determining the fair value of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>investments, which are as follows:</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1 &#151; price quotations in active markets/exchanges for identical </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>for similar assets or liabilities in markets that are not active, inputs other than</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>quoted prices that are observable for the assets or liabilities (such as interest</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and default rates) or other market-corroborated inputs)</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3 &#151; unobservable inputs based on the best information available in the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>circumstance, to the extent observable inputs are not available (including the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund&#146;s own assumption used in determining the fair value of investments)</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The inputs or methodology used for valuing securities are not necessarily an in-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>dication of the risk associated with investing in those securities. For information</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>about the Fund&#146;s policy regarding valuation of investments and other significant</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>accounting policies, please refer to Note 1 of the Notes to Financial Statements.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The following table summarizes the inputs used as of January 31, 2009 in deter-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>mining the fair valuation of the Fund&#146;s investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Inputs</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assets</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 16,825,573</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>385,314,730</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 402,140,303</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT JANUARY 31, 2009 21</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%" colSpan=9><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=2>January 31, 2009 (Unaudited)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey &#151; 136.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County/City/Special District/School District &#151; 12.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare &#151; 8.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hopatcong, New Jersey, GO, Sewer Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Health Care Facilities Financing Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.50%, 8/01/33 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 750&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 680,047</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hudson County, New Jersey, COP, Refunding,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Meridian Health), Series I, 5%, 7/01/38 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 750&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 710,220</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 12/01/16 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,127,929</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Somerset Medical Center), 5.50%, 7/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,125</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>567,371</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hudson County, New Jersey, Improvement Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(South Jersey Hospital System), 6%, 7/01/12 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,602,080</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital Appreciation Revenue Bonds, Series A-1,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Health Care Facilities Financing Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.486%, 12/15/32 (b)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>221,510</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jackson Township, New Jersey, School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Atlantic City Medical Center), 5.75%, 7/01/12 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>525</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>593,654</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 4/15/12 (c)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,810,427</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Atlantic City Medical Center), 6.25%, 7/01/12 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>290</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>332,711</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Monmouth County, New Jersey, Improvement Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Atlantic City Medical Center), 6.25%, 7/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>336,681</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Governmental Loan Revenue Refunding Bonds (a):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Atlantic City Medical Center), 5.75%, 7/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>790</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>771,119</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 12/01/11 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,955</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,164,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Meridian Health System Obligation Group),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.20%, 12/01/14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>240</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>250,625</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 7/01/19 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,268,090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 12/01/15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>765</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>799,884</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,181,926</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 12/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>605</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>646,551</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 12/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>545</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>573,340</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing &#151; 6.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 12/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>560</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>585,861</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Salem County, New Jersey, Improvement Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Agency, Home Buyer Revenue Bonds, AMT, Series CC,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds (Finlaw State Office Building</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.80%, 10/01/20 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,640</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,708,508</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Project) (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 8/15/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,290,125</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Agency, M/F Revenue Bonds, AMT, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 8/15/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>700,938</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.90%, 11/01/35 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>808,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </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 color=#231f20 size=1>14,851,637</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Agency Revenue Bonds, Series AA, 6.50%, 10/01/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,350</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,424,169</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education &#151; 25.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Educational Facilities Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Agency, S/F Housing Revenue Refunding Bonds, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series T, 4.70%, 10/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>388,965</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Montclair State University), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Newark, New Jersey, Housing Authority, Port Authority-</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/21 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,683,952</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Port Newark Marine Terminal, Additional Rent-</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Rowan University), Series C, 5%, 7/01/14 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,185</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,383,950</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Backed Revenue Refunding Bonds (City of Newark</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Educational Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redevelopment Projects), 4.375%, 1/01/37 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,836,008</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,166,630</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(College of New Jersey), Series D,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/35 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,725</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,649,941</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>IDA/PCR/Resource Recovery &#151; 18.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Montclair State University), Series J,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gloucester County, New Jersey, Improvement Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.25%, 7/01/30 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,895</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,391,878</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Solid Waste Resource Recovery, Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Montclair State University), Series L,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds (Waste Management Inc. Project), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/14 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,185</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,719,730</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.85%, 12/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,006,660</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Ramapo College), Series I, 4.25%, 7/01/31 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,032,213</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, Cigarette Tax Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Ramapo College), Series I, 4.25%, 7/01/36 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,890</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,095,818</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.625%, 6/15/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,060</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>899,961</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Rowan University), Series B, 5%, 7/01/26 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,575</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,639,066</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 6/15/29 (j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>785</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>584,189</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Stevens Institute of Technology), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 6/15/31 (j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>225</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>159,795</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,059,930</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 6/15/34 (j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>465</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>334,935</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(William Paterson University), Series E,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, Motor Vehicle Surcharge Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/21 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,725</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,747,080</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Series A (b):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Higher Education Assistance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.949%, 7/01/21 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,262,126</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Student Loan Revenue Bonds, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,630,705</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.30%, 6/01/17 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,565</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,601,292</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 7/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,956,170</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Medicine and Dentistry of New Jersey,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,765</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,584,846</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, Series A (a):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 12/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>570</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>576,566</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 12/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,145</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,150,553</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 12/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,130</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,116,090</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 12/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>865</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>835,209</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </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 color=#231f20 size=1>29,683,268</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>22 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_23"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=5><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="49%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&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=right width="49%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey (continued)</FONT></B>&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="28%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>IDA/PCR/Resource Recovery (concluded)</FONT></B>&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="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, School Facilities Construction</FONT>&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="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Turnpike Authority, Turnpike Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds:</FONT>&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Series B, 5.926%, 1/01/35 (a)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,005&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,964,609</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series U, 5%, 9/01/37 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,000&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 883,860</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Port Authority of New York and New Jersey, Consolidated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series Z, 6%, 12/15/34 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,252,596</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, 93rd Series, 6.125%, 6/01/94</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,081,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, School Facilities Construction,</FONT>&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="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Port Authority of New York and New Jersey, Consolidated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds, Series K,</FONT>&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds, AMT:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 12/15/17 (b)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,659,585</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>138th Series, 4.75%, 12/01/34 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>800,520</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>22,215,428</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>146th Series, 4.25%, 12/01/32 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,612,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&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="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>152nd Series, 5.75%, 11/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,916,080</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lease Obligations &#151; 9.0%</FONT></B>&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="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>152nd Series, 5.25%, 11/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,024,471</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hudson County, New Jersey, Improvement Authority,</FONT>&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Facility Lease Revenue Refunding Bonds (Hudson</FONT>&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </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 color=#231f20 size=1>35,234,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County Lease Project), 5.375%, 10/01/24 (b)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,526,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Electric &amp; Gas &#151; 2.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Middlesex County, New Jersey, COP, Refunding,</FONT>&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="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Union County, New Jersey, Utilities Authority, Senior</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 8/01/22 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,044,190</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lease Revenue Refunding Bonds (Ogden Martin</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,570,290</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>System of Union, Inc.), AMT, Series A (a):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&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="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 6/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,590</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,593,816</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State &#151; 10.3%</FONT></B>&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="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.375%, 6/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,670</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,670,768</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Garden State Preservation Trust of New Jersey,</FONT>&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital Appreciation Revenue Bonds, Series B,</FONT>&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </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 color=#231f20 size=1>3,264,584</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.114%, 11/01/23 (d)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,925</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,422,335</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Water &amp; Sewer &#151; 12.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Garden State Preservation Trust of New Jersey, Open</FONT>&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="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jersey City, New Jersey, Sewer Authority, Sewer Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Space and Farmland Preservation Revenue Bonds,</FONT>&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds, 6.25%, 1/01/14 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,177,238</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.80%, 11/01/22 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,605</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,923,618</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, Water Facilities Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Sports and Exposition Authority, Luxury Tax</FONT>&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="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(New Jersey-American Water Company, Inc. Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds (Convention Center) (b):</FONT>&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT, Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 3/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,540</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,677,784</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 11/01/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>795,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 3/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,072,430</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.875%, 11/01/34 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,070</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,305,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Perth Amboy, New Jersey, GO (Convertible CABS),</FONT>&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="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, Water Facilities Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding, 5.139%, 7/01/35 (d)(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>941,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds (United Water of New Jersey, Inc.), Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tobacco Settlement Financing Corporation of</FONT>&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.50%, 11/01/25 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>981,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey, Asset-Backed Revenue Bonds,</FONT>&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="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Hudson Sewage Authority, New Jersey, Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7%, 6/01/13 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,715</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,089,333</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds, 5.125%, 8/01/20 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,710</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,839,704</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,126,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Rahway Valley Sewerage Authority, New Jersey, Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, CABS, Series A (b)(h):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation &#151; 30.0%</FONT></B>&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="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.738%, 9/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,503,921</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Delaware River Port Authority of Pennsylvania and</FONT>&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="28%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.384%, 9/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,350</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>510,420</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Revenue Bonds, 6%, 1/01/18 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,110,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Essex County, New Jersey, Improvement Authority,</FONT>&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </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 color=#231f20 size=1>14,114,583</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Airport Revenue Refunding Bonds, AMT,</FONT>&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="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in New Jersey</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </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 color=#231f20 size=1>160,409,421</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.75%, 11/01/32 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>759,050</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hudson County, New Jersey, Improvement Authority,</FONT>&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="28%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Puerto Rico &#151; 10.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Parking Revenue Bonds (Harrison Parking Facility</FONT>&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="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Project), Series C, 5.375%, 1/01/44 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,388,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare &#151; 3.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Morristown, New Jersey, Parking Authority Revenue</FONT>&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="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Industrial, Tourist, Educational, Medical</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, 4.50%, 8/01/37 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,355</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,168,769</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Environmental Control Facilities Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Transportation Trust Fund Authority,</FONT>&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, (Hospital de la Concepcion), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation System Revenue Bonds:</FONT>&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="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.125%, 11/15/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,220</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,003,555</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.625%, 12/15/28 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>780</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>810,186</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing &#151; 0.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5%, 12/15/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>730</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>681,762</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Housing Financing Authority, Capital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C, 5.049%, 12/15/32 (d)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,162,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Funding Program, Subordinate Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C, 4.836%, 12/15/35 (a)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,760</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>468,620</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, 5.125%, 12/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>981,570</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series D, 5%, 6/15/19 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,240</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,490,452</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Transportation Trust Fund Authority,</FONT>&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="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>IDA/PCR/Resource Recovery &#151; 2.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation System Revenue Refunding Bonds:</FONT>&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="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Industrial, Tourist, Educational, Medical</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.25%, 12/15/20 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,836,543</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Environmental Control Facilities Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5.50%, 12/15/21 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,957,588</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(University Plaza Project), Series A, 5%, 7/01/33 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,421,510</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=23>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>23</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_24"></A>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (continued)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI)</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Puerto Rico (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lease Obligations &#151; 0.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Public Buildings Authority, Government</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Facilities Revenue Refunding Bonds, Series M-3,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 7/01/27 (b)(k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 850</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 801,210</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation &#151; 1.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Commonwealth Highway and Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Highway Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series CC, 5.50%, 7/01/31 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,185</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,195,618</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Electric &amp; Gas &#151; 0.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Electric Power Authority, Power Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, Series RR, 5%, 7/01/28 (l)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>817,710</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Water &amp; Sewer &#151; 2.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Commonwealth Aqueduct and Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Senior Lien Revenue Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.125%, 7/01/47 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,657,340</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Commonwealth Infrastructure Financing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Special Tax and Capital Appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, Series A (h):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.474%, 7/01/30 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>551,238</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.04%, 7/01/37 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>262,463</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,471,041</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Puerto Rico</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,692,214</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds &#151; 147.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>173,101,635</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts (m)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey &#151;8.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing &#151; 5.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Agency, Capital Fund Program Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.70%, 11/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,425</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,240,672</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 5/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,980</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,005,067</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,245,739</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State &#151; 3.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Garden State Preservation Trust of New Jersey, Open</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Space and Farmland Preservation Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.75%, 11/01/28 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,737,877</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds Transferred to Tender Option</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bond Trusts &#151; 8.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,983,616</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Long-Term Investments</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#151; $190,428,078) &#151; 155.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>183,085,251</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>New Jersey &#151; 1.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Turnpike Authority, Turnpike Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, VRDN, Series C-2, 2.75%, 2/04/09 (d)(n)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,200,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Money Market Funds &#151; 2.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CMA New Jersey Municipal Money Fund,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.22% (o)(p)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,524,090</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,524,090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#151; $4,724,090) &#151; 4.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,724,090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Investments (Cost &#151; $195,152,168*) &#151; 159.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>187,809,341</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other Assets Less Liabilities &#151; 1.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,211,191</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3>&nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expense and Fees Payable &#151; (4.8)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,694,689)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares, at Redemption Value &#151; (55.9)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(65,708,537)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$117,617,306</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=7>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>* The cost and unrealized appreciation (depreciation) of investments as of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31, 2009, as computed for federal income tax purposes, were</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>as follows:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate cost</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$189,449,858</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 6,158,581</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(13,453,098)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (7,294,517)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMBAC Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MBIA Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>US government securities, held in escrow, are used to pay interest on this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>security as well as to retire the bond in full at the date indicated, typically at</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>a premium to par.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FSA Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assured Guaranty Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>XL Capital Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FGIC Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents a step-up bond that pays an initial coupon rate for the first period</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and then a higher coupon rate for the following periods. Rate shown is as of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Radian Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commonwealth Guaranteed.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(l)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CIFG Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=7><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(m)&nbsp;&nbsp;&nbsp;&nbsp; Securities represent underlying bonds transferred to a tender option bond trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>in exchange for which the Fund acquired residual interest certificates. These</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities serve as collateral in a financing transaction. See Note 1 of the Notes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>to Financial Statements for details of municipal bonds transferred to tender</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>option bond trusts.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=3>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>24 SEMI-ANNUAL REPORT JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
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<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (concluded) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI)</FONT></B></TD></TR></TABLE></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(n) Security may have a maturity of more than one year at the time of issuance, but</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>has variable rate and demand features that qualify it as a short-term security. The</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rate disclosed is as of report date. This rate changes periodically based upon</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>prevailing market rates.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(o) Represents the current yield as of report date.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(p) Investments in companies considered to be an affiliate of the Fund, for purposes</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Affiliate</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Activity</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CMA New Jersey Municipal Money Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,725,389</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$26,135</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>For Fund compliance purposes, the Fund&#146;s industry classifications refer to any</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>one or more of the industry sub-classifications used by one or more widely </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>recognized market indexes or ratings group indexes, and/or as defined by Fund</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>management. This definition may not apply for purposes of this report which </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>may combine industry sub-classifications for reporting ease.</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Statement of Financial Accounting Standards No. 157, &#147;Fair Value Measurements&#148;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(&#147;FAS 157&#148;). FAS 157 clarifies the definition of fair value, establishes a framework</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>for measuring fair values and requires additional disclosures about the use of fair</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>value measurements. Various inputs are used in determining the fair value of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>investments, which are as follows:</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1 &#151; price quotations in active markets/exchanges for identical </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>for similar assets or liabilities in markets that are not active, inputs other than</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>quoted prices that are observable for the assets or liabilities (such as interest</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and default rates) or other market-corroborated inputs)</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3 &#151; unobservable inputs based on the best information available in the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>circumstance, to the extent observable inputs are not available (including the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund&#146;s own assumption used in determining the fair value of investments)</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The inputs or methodology used for valuing securities are not necessarily an in-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>dication of the risk associated with investing in those securities. For information</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>about the Fund&#146;s policy regarding valuation of investments and other significant</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>accounting policies, please refer to Note 1 of the Notes to Financial Statements.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The following table summarizes the inputs used as of January 31, 2009 in deter-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>mining the fair valuation of the Fund&#146;s investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Inputs</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assets</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,524,090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>185,285,251</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 187,809,341</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>25</FONT></TD></TR></TABLE></P>
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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%" colSpan=9><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=2>January 31, 2009 (Unaudited)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Pennsylvania &#151; 129.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Pennsylvania (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County/City/Special District/School District &#151; 41.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospitals/Healthcare &#151; 9.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chambersburg, Pennsylvania, Area School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Allegheny County, Pennsylvania, Hospital Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 3/01/26 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,115</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,127,753</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Health Center Revenue Bonds (University of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Connellsville, Pennsylvania, Area School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pittsburgh Medical Center Health System), Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5%, 11/15/37 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>961,580</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%, 7/01/26 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,000&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,056,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>East Stroudsburg, Pennsylvania, Area School District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lehigh County, Pennsylvania, General Purpose Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>GO, Series A, 7.75%, 9/01/27 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,338,880</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital Revenue Bonds (Lehigh Valley Health</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Erie County, Pennsylvania, Convention Center</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Network), Series A, 5%, 7/01/33 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,995</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,921,591</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Convention Center Hotel Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Monroe County, Pennsylvania, Hospital Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 1/15/36 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,850</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,990,576</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds (Pocono Medical Center),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gettysburg, Pennsylvania, Municipal Authority, College</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.125%, 1/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,265</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>837,873</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds, 5%, 8/15/23 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,008,160</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia, Pennsylvania, Hospitals and Higher</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Allegheny, Pennsylvania, School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education Facilities Authority, Hospital Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C, 5.25%, 5/01/27 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,175</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,216,760</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding Bonds (Presbyterian Medical Center),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Northeastern York School District, Pennsylvania, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.65%, 12/01/19 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,829,110</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5%, 4/01/32 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,585</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,481,785</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sayre, Pennsylvania, Health Care Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia, Pennsylvania, Authority for Industrial</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds (Guthrie Healthcare</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Development, Airport Revenue Refunding Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>System), Series A, 5.875%, 12/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>590</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>522,138</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Philadelphia Airport System Project), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,167,392</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (a)(b):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 7/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,036,960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing &#151; 5.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 7/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,655</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,671,740</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania HFA, Revenue Bonds, DRIVERS, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia, Pennsylvania, GO, Refunding, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series 1248Z, 9.111%, 10/01/09 (b)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,507,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 12/15/32 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,777,470</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania HFA, S/F Mortgage Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia, Pennsylvania, School District, GO:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, AMT, Series 96A, 4.70%, 10/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,324,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5.625%, 8/01/12 (a)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,454,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia, Pennsylvania, Housing Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series E, 6%, 9/01/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,897,824</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds (Capital Fund Program), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Reading, Pennsylvania, School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 12/01/18 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,252,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 1/15/29 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,977,380</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,083,770</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Scranton, Pennsylvania, School District, GO, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>IDA/PCR/Resource Recovery &#151; 20.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 7/15/38 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,364,375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Delaware County, Pennsylvania, IDA Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shaler Area School District, Pennsylvania, Capital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Pennsylvania Suburban Water Company Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Appreciation, GO, 4.788%, 9/01/30 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,145</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,622,219</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT, Series A, 5.15%, 9/01/32 (i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,435,255</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>York, Pennsylvania, City School District, GO, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Delaware County, Pennsylvania, IDA, Water Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 6/01/22 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,040</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,082,609</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds (Aqua Pennsylvania, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>64,010,171</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Project), AMT, Series B, 5%, 11/01/36 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,770</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,651,149</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education &#151; 23.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Montgomery County, Pennsylvania, IDA, Water Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chambersburg, Pennsylvania, Area School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds (Aqua Pennsylvania, Inc. Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 3/01/27 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,501,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.25%, 7/01/42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,367,460</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania State Higher Educational Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Northumberland County, Pennsylvania, IDA,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority Revenue Bonds (UPMC Health System),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Water Facilities Revenue Refunding Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 6%, 1/15/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,063,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Aqua Pennsylvania Inc. Project), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania State Higher Educational Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.05%, 10/01/39 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,568,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, State System Revenue Bonds, Series AE,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Economic Development Financing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.75%, 6/15/32 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,845</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,309,612</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Solid Waste Disposal Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania State Public School Building Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Waste Management Inc. Project), AMT, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Refunding Bonds (The School District of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.10%, 10/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>842,088</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia Project), Series B, 5%, 6/01/26 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,025</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,203,074</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania State, IDA, EDR, Refunding,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania State Public School Building Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 7/01/20 (i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,389,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>School and Capital Appreciation Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia, Pennsylvania, Authority for Industrial</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Corry Area School District) (c)(d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Development, Lease Revenue Bonds, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.848%, 12/15/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,980</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>989,941</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 10/01/11(c)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,363,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.868%, 12/15/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,980</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>909,493</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia, Pennsylvania, Qualified Redevelopment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.888%, 12/15/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,980</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>845,579</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority Revenue Bonds, AMT, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.918%, 12/15/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,980</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>786,713</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 4/15/27 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,645</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,758,037</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia, Pennsylvania, Redevelopment Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>36,608,962</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds (Neighborhood Transformation),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.50%, 4/15/22 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,763,493</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>31,139,772</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>26 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_27"></A>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (continued) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Pennsylvania (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation &#151; 19.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania State Turnpike Commission, Oil Franchise</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax Revenue Bonds, Series C, 5%, 12/01/32 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13,284,344</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania State Turnpike Commission, Turnpike</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.50%, 12/01/31 (i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,915,908</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sub-Series A, 5%, 6/01/39 (j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,372,810</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia, Pennsylvania, Airport Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT, Series A, 5%, 6/15/37 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,913,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30,486,512</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Electric &amp; Gas &#151; 3.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia, Pennsylvania, Gas Works Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds, 1998 General Ordinance, 4th Series,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 8/01/32 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,899,205</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Utilities &#151; Water &amp; Sewer &#151; 5.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Allegheny County, Pennsylvania, Sanitation Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sewer Revenue Refunding Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 12/01/30 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,496,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Northampton Borough, Pennsylvania, Municipal</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Water Revenue Bonds, 5%, 5/15/34 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>935</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>897,357</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Reading, Pennsylvania, Area Water Authority, Water</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds, 5%, 12/01/27 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,680</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,688,871</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,082,628</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Pennsylvania &#151; 127.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>198,478,412</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Guam &#151; 1.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation &#151; 1.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>A.B. Won Guam International Airport Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>General Revenue Refunding Bonds, AMT, Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%, 10/01/23 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,146,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds &#151; 129.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200,624,887</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts (k)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Pennsylvania &#151; 15.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County/City/Special District/School District &#151; 4.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>East Stroudsburg, Pennsylvania, Area School District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>GO, Refunding, 5%, 09/01/25 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,163,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Education &#151; 11.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania State Public School Building Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>School Lease Revenue Bonds (The School District of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia Project), 5.25%, 06/01/13 (c)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,345,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts &#151; 15.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>24,508,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Long-Term Investments</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#151; $235,704,212) &#151; 145.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>225,133,687</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Pennsylvania &#151; 9.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia, Pennsylvania, GO, Refunding, VRDN,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 3.75%, 02/05/09 (c)(n)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15,000,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>&nbsp;&nbsp;&nbsp; Money Market Funds &#151; 0.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CMA Pennsylvania Municipal Money Fund,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.15% (l)(m)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,455,478</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,455,478</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#151; $16,455,478) &#151; 10.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,455,478</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Investments (Cost &#151; $252,159,690*) &#151; 155.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>241,589,165</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other Assets Less Liabilities &#151; 1.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,996,547</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expense and Fees Payable &#151; (7.1)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(11,058,716)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares, at Redemption Value &#151; (49.9)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(77,408,443)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$155,118,553</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>* The cost and unrealized appreciation (depreciation) of investments as of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31, 2009, as computed for federal income tax purposes, were </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate cost</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$241,260,957</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8,675,110</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(19,346,902)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (10,671,792)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FGIC Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MBIA Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FSA Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>US government securities, held in escrow, are used to pay interest on this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>security as well as to retire the bond in full at the date indicated, typically at</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>a premium to par.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>XL Capital Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Security is collateralized by Municipal or US Treasury Obligations.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Variable rate security. Rate shown is as of report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMBAC Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assured Guaranty Insured.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities represent underlying bonds transferred to a tender option bond trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>in exchange for which the Fund acquired residual interest certificates. These</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities serve as collateral in a financing transaction. See Note 1 of the Notes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>to Financial Statements for details of municipal bonds transferred to tender</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>option bond trusts.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(l)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in companies considered to be an affiliate of the Fund, for purposes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="93%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Affiliate</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Activity</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CMA Pennsylvania Municipal Money Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(10,605,684)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$93,711</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="48%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Represents the current yield as of report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(n)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Security may have a maturity of more than one year at the time of issuance, but</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>has variable rate and demand features that qualify it as a short-term security. The</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rate disclosed is as of report date. This rate changes periodically based upon</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>prevailing market rates.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>27</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Schedule of Investments (concluded) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT></B></TD></TR></TABLE></P>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>For Fund compliance purposes, the Fund&#146;s industry classifications refer to any</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>one or more of the industry sub-classifications used by one or more widely </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>recognized market indexes or ratings group indexes, and/or as defined by Fund</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>management. This definition may not apply for purposes of this report which </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>may combine industry sub-classifications for reporting ease.</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Statement of Financial Accounting Standards No. 157, &#147;Fair Value Measurements&#148;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(&#147;FAS 157&#148;). FAS 157 clarifies the definition of fair value, establishes a framework</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>for measuring fair values and requires additional disclosures about the use of fair</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>value measurements. Various inputs are used in determining the fair value of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>investments, which are as follows:</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1 &#151; price quotations in active markets/exchanges for identical </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>for similar assets or liabilities in markets that are not active, inputs other than</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>quoted prices that are observable for the assets or liabilities (such as interest</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and default rates) or other market-corroborated inputs)</FONT><BR>
<FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3 &#151; unobservable inputs based on the best information available in the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>circumstance, to the extent observable inputs are not available (including the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund&#146;s own assumption used in determining the fair value of investments)</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The inputs or methodology used for valuing securities are not necessarily an in-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>dication of the risk associated with investing in those securities. For information</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>about the Fund&#146;s policy regarding valuation of investments and other significant</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>accounting policies, please refer to Note 1 of the Notes to Financial Statements.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The following table summarizes the inputs used as of January 31, 2009 in deter-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>mining the fair valuation of the Fund&#146;s investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Inputs</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assets</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,455,478</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>240,133,687</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 241,589,165</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>28 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Statements of Assets and Liabilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniHoldings</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31, 2009 (Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(MUJ)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(MFT)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(MIY)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(MJI)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(MPA)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Assets</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments at value &#151; unaffiliated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$482,080,752</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$165,927,249</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$385,314,730</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$185,285,251</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$240,133,687</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments at value &#151; affiliated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>310,880</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,548,510</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,825,573</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,524,090</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,455,478</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cash</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>74,598</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,289</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>70,279</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>63,820</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>67,511</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest receivable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,306,580</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,530,538</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,087,521</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,721,406</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,653,093</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments sold receivable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,219,034</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,789,938</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Prepaid expenses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18,238</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,803</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,757</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,880</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,842</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other assets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,585</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,095</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>235</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total assets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>487,793,633</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>175,236,423</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>407,315,955</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>189,602,457</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>248,109,784</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Accrued Liabilities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments purchased payable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,311,423</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,769,763</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income dividends payable &#151; Common Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,126,007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>452,172</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>983,140</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>475,313</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>608,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment advisory fees payable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>210,424</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>71,789</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>170,198</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>80,569</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100,655</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees payable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>103,615</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>72,595</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>77,495</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>39,689</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>58,716</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other affiliates payable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,349</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>952</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,308</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,092</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,376</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Officer&#146;s and Directors&#146;/Trustees&#146; fees payable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>472</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>53</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>409</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>177</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>74</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other accrued expenses payable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>88,241</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,531</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30,372</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>24,774</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>43,734</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total accrued liabilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,531,108</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,922,515</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,263,922</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>621,614</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,582,788</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Other Liabilities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trust certificates</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,825,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,490,632</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,190,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,655,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,000,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Liabilities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,356,108</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,413,147</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,453,922</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,276,614</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,582,788</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Preferred Shares at Redemption Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par value</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>per share at $25,000 per share liquidation preference,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>plus unpaid dividends</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>176,716,565</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>62,257,607</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>144,668,870</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>65,708,537</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>77,408,443</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$294,720,960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$102,565,669</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$245,193,163</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$117,617,306</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$155,118,553</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Net Assets Applicable to Common Shareholders Consist of</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common Shares, par value $0.10 per share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,124,541</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 845,181</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,820,630</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 880,210</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,148,057</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Paid-in capital in excess of par</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>319,388,284</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>117,070,606</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>262,101,745</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>123,256,564</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>169,088,427</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Undistributed net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,507,942</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>463,036</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,534,634</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,588,549</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>803,329</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Accumulated net realized loss</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(25,698,309)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,031,105)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(10,605,858)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(765,190)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,350,735)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized appreciation/depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,601,498)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(9,782,049)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(9,657,988)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(7,342,827)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(10,570,525)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$294,720,960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$102,565,669</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$245,193,163</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$117,617,306</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$155,118,553</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.87</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.47</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.51</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; &nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments at cost &#151; unaffiliated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$484,682,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$175,709,298</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$394,972,718</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$192,628,078</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$250,704,212</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; &nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments at cost &#151; affiliated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 310,880</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,548,510</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 16,825,573</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,524,090</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,455,478</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; &nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents short-term floating rate certificates issued by tender option</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; bond trusts.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; &nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares outstanding:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value $0.05 per share</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,490</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,909</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,002</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,096</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value $0.10 per share</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,068</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>877</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>626</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; &nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common Shares outstanding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>21,245,413</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,451,814</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18,206,301</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,802,099</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,480,567</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; &nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common Shares authorized</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200,000,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>unlimited</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200,000,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200,000,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>unlimited</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>29</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Statements of Operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniHoldings</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp;&nbsp;&nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&nbsp;&nbsp; Fund, Inc.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Six Months Ended January 31, 2009 (Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(MUJ)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(MFT)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(MIY)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Investment Income</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12,217,805</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,680,795</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10,693,423</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income &#151; affiliated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>59,996</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>36,359</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>60,484</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,277,801</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,717,154</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,753,907</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Expenses</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment advisory</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,355,713</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>450,246</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,047,268</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commissions for Preferred Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>194,132</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>66,868</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>182,934</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Accounting services</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>75,249</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>27,379</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>46,143</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Professional</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>59,824</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>41,968</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>50,692</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transfer agent</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>34,837</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>20,150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>32,587</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Printing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>28,727</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,795</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>22,033</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Officer and Directors/Trustees</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>21,267</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,328</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,293</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Custodian</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,891</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,607</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,671</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Registration</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,036</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,608</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,413</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miscellaneous</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>48,299</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>29,282</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>40,572</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses excluding interest expense and fees</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,837,975</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>666,231</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,452,606</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>329,159</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>158,745</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>352,545</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,167,134</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>824,976</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,805,151</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Less fees waived by advisor</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(182,768)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(17,308)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(22,858)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after waiver</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,984,366</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>807,668</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,782,293</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,293,435</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,909,486</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,971,614</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Realized and Unrealized Loss</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized loss from investments</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(320,693)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,962,409)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(747,109)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net change in unrealized appreciation/depreciation on investments</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(10,665,736)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(8,010,824)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(12,574,838)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total realized and unrealized loss</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(10,986,429)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(10,973,233)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(13,321,947)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Dividends to Preferred Shareholders From</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,776,849)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,036,701)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,363,868)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (3,469,843)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (8,100,448)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (6,714,201)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Related to tender option bond trusts.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>30 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Statements of Operations (concluded)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31, 2009 (Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(MJI)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(MPA)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Investment Income</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,008,711</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 6,210,486</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income &#151; affiliated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>26,135</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>93,711</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,034,846</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,304,197</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Expenses</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment advisory</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>479,151</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>638,685</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commissions for Preferred Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>65,653</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>83,856</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Professional</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>45,713</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>40,372</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Accounting services</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>28,360</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>37,259</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transfer agent</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18,215</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>27,332</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Printing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,218</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,051</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Officer and Directors/Trustees</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,790</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,873</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Custodian</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,494</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,317</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Registration</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,737</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,040</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miscellaneous</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>27,077</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30,449</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses excluding interest expense and fees</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>695,408</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>897,234</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>116,975</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>285,845</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>812,383</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,183,079</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Less fees waived by advisor</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,899)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(30,430)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Less fees paid indirectly</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(11)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after waiver and fees paid indirectly</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>805,484</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,152,638</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,229,362</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,151,559</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Realized and Unrealized Gain (Loss)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized loss from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(19,295)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3,070,518)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Forward interest rate swaps</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(931,500)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(19,295)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,002,018)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net change in unrealized appreciation/depreciation on:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(7,686,665)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,469,314)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Forward interest rate swaps</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>227,038</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(7,686,665)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,242,276)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total realized and unrealized loss</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(7,705,960)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(9,244,294)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Dividends and Distributions to Preferred Shareholders From</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,041,936)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,257,064)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(95,183)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total dividends and distributions to Preferred Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,137,119)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,257,064)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (4,613,717)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (5,349,799)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Related to tender option bond trusts.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>31</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Statements of Changes in Net Assets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="44%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Six Months</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>July 31,</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Operations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10,293,435</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 19,736,589</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized loss</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(320,693)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,469,777)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net change in unrealized appreciation/depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(10,665,736)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(8,375,097)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,776,849)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,691,973)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3,469,843)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,199,742</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Dividends to Common Shareholders From</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,756,041)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(14,021,973)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total decrease in net assets applicable to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(10,225,884)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(10,822,231)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>304,946,844</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>315,769,075</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>End of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 294,720,960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 304,946,844</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>End of period undistributed net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,507,942</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 747,397</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="44%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Insured Investment Fund (MFT)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Six Months</FONT></B>&nbsp; </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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>November 1 2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>to July 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>October 31,</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Operations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,909,486</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,967,801</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8,056,928</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,962,409)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(372,939)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>176,914</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net change in unrealized appreciation/depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(8,010,824)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(7,756,323)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,348,589)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,036,701)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,872,136)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,631,621)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(8,100,448)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,033,597)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,253,632</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Dividends to Common Shareholders From</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,783,140)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,090,678)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,721,878)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total decrease in net assets applicable to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(10,883,588)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(8,124,275)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,468,246)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>113,449,257</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>121,573,532</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>126,041,778</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>End of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 102,565,669</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 113,449,257</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 121,573,532</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>End of period undistributed net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 463,036</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 373,391</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 339,357</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>32 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Statements of Changes in Net Assets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="41%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Six Months</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>November 1 2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>to July 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>October 31,</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Operations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8,971,614</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12,731,272</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 19,208,577</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(747,109)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,246,561)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,570,157</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net change in unrealized appreciation/depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(12,574,838)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(13,574,409)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(9,721,365)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,363,868)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,212,108)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,850,606)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,714,201)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,301,806)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,206,763</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Dividends to Common Shareholders From</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,898,841)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(9,485,483)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(12,962,886)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total decrease in net assets applicable to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(12,613,042)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(15,787,289)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(7,756,123)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>257,806,205</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>273,593,494</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>281,349,617</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>End of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 245,193,163</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 257,806,205</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 273,593,494</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>End of period undistributed net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,534,634</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 825,729</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,796,256</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="41%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Six Months</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>November 1 2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>to July 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>October 31,</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Operations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,229,362</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 6,056,221</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8,403,981</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(19,295)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(17,732)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>588,462</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net change in unrealized appreciation/depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(7,686,665)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,708,329)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,321,927)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends and distributions to Preferred Shareholders from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,041,936)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,835,167)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,420,847)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(95,183)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(42,392)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(23,780)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,613,717)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,547,399)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,225,889</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Dividends and Distributions to Common Shareholders From</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,851,881)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,289,500)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,747,771)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(150,243)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(103,918)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(70,742)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net decrease in net assets resulting from dividends and distributions to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3,002,124)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,393,418)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,818,513)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total decrease in net assets applicable to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(7,615,841)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,940,817)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3,592,624)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>125,233,147</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>132,173,964</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>135,766,588</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>End of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 117,617,306</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 125,233,147</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 132,173,964</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>End of period undistributed net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,588,549</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,253,004</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,307,514</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>33</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Statements of Changes in Net Assets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="41%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Six Months</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>November 1 2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>to July 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>October 31,</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Operations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,151,559</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8,207,974</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11,615,514</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,002,018)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(312,302)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,337,245</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net change in unrealized appreciation/depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,242,276)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(13,306,589)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,999,004)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,257,064)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,559,463)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3,638,710)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,349,799)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(7,970,380)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,315,045</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Dividends to Common Shareholders From</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3,650,820)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,717,322)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(7,910,111)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total decrease in net assets applicable to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(9,000,619)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(13,687,702)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,595,066)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>164,119,172</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>177,806,874</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>182,401,940</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>End of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 155,118,553</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 164,119,172</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 177,806,874</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>End of period undistributed net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 803,329</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 559,654</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 677,381</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>34 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Financial Highlights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="48%" colSpan=11><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=15>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Six Months</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&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="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&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="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&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="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="12%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended July 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2006</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2004</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Per Share Operating Performance</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&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="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.86</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.91</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.62</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.03</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.46</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.48</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.93</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.03</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.03</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.04</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized and unrealized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.51)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.47)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.03)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.61)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.66</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.51</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.13)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.31)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.31)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.26)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.16)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.08)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) from investment operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.16)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.69</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.54</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.50</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Common Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.32)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.66)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.74)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.87)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.95)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.93)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.87</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.86</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.91</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.62</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.03</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Market price, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11.63</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.93</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.98</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.89</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.17</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=15>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>2</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on net asset value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.56)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.35%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.71%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.09%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10.63%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10.90%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on market price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(7.46)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5.76)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.99%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.16)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19.37%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11.24%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=15>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Ratios to Average Net Assets Applicable to Common Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after waiver and excluding interest expense and fees </FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.14%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.15%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.17%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.15%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.14%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.13%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after waiver</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.37%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.23%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.40%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.39%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.25%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.19%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.49%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.30%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.45%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.45%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.31%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.27%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.08%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.22%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.77%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.80%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.69%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.97%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends paid to Preferred Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.91%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.11%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.03%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.72%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.02%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.54%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.17%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.11%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.74%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.08%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.67%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.43%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=15>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Supplemental Data</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net assets applicable to Common Shares, end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 294,721</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 304,947</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 315,769</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 315,649</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 328,853</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 316,171</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares outstanding at liquidation preference,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 176,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 176,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 203,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 203,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 203,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 203,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>29%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Asset coverage per Preferred Share, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 66,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 68,152</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 63,898</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 63,884</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 65,502</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 63,939</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on average shares outstanding.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 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.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns exclude the effects of sales charges.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate total investment return.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 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</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>bond trusts.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Annualized.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amounts have been recalculated to conform with current year presentation.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>35</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Financial Highlights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="38%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Insured Investment Fund (MFT)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Six Months</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>November 1,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007 to July 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended October 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2006</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2004</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2003</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Per Share Operating Performance</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.91</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.72</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.04</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.04</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.46</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.71</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.95</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.97</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.98</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.98</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.05</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized and unrealized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.29)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.97)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.49)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.38)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.06)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.22)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.31)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.27)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.17)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.07)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.07)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) from investment operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.95)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.48)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.94</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.43</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.11</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.92</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Common Shareholders from</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.33)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.48)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.68)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.75)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.90)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.93)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.92)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital charges with respect to the issuance of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.03)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.91</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.72</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.04</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Market price, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.51</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11.75</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.74</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.98</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.18</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>2</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on net asset value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6.49)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2.97)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.39%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.87%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.72%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.98%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.45%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on market price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(7.54)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4.11)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5.75)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.73%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.54%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12.73%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.56%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3>&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Ratios to Average Net Assets Applicable to Common Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after waiver and excluding interest</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.25%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.18%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.20%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.17%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.20%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.09%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.08%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after waiver</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.56%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.49%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.52%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.45%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.38%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.27%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.25%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.59%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.51%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.54%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.46%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.38%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.28%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.25%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.53%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.60%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.53%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.58%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.54%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.86%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends paid to Preferred Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.00%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.07%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.87%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.48%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.47%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.53%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.53%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.40%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.71%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.37%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.06%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.39%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Supplemental Data</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net assets applicable to Common Shares,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 102,566</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 113,449</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 121,574</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 126,042</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 124,422</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 128,455</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 126,915</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares outstanding at liquidation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>preference, end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 62,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 62,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 72,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 72,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 72,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 60,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 60,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>21%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>26%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>34%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>52%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>28%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>40%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Asset coverage per Preferred Share, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 66,194</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 70,569</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 67,220</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 68,769</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 68,212</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 78,528</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 77,885</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on average shares outstanding.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns based on market value, which can be significantly greater</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>or lesser than the net asset value, may result in substantially different returns.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns exclude the effects of sales charges.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate total investment return.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees relate to tender option bond trusts. See Note 1 of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the Notes to Financial Statements for details of municipal bonds transferred to </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>tender option bond trusts.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Annualized.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amounts have been recalculated to conform with current </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>year presentation.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>36 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Financial Highlights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="39%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Six Months</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>November 1,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007 to July 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="21%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended October 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2006</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2004</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2003</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Per Share Operating Performance</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.03</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.45</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.96</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.94</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.74</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.49</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.70</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.06</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.04</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.08</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.06</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized and unrealized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.73)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.82)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.45)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.54)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.03</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.15</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.13)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.23)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.32)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.29)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.18)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.07)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.07)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) from investment operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.37)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.35)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.29)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.97</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.02</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.18</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Common Shareholders from</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.32)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.52)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.71)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.84)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.98)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.00)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.98)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital charges with respect to the issuance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Preferred Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.02)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.47</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.03</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.45</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.96</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.94</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Market price, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.61</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.67</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.69</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>2</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on net asset value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.89)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2.02)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.30%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.64%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.24%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.04%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.26%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on market price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(11.04)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4.54)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3.95)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.32%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.10%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11.85%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12.57%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3>&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Ratios to Average Net Assets Applicable to Common Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after waiver and excluding interest</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.17%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.13%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.12%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.11%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.10%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.00%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.01%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after waiver</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.45%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.40%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.55%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.61%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.19%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.20%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.47%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.42%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.55%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.62%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.22%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.21%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.32%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.19%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.95%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.84%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.84%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.69%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.83%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends paid to Preferred Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.93%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.05%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.12%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.87%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.46%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.45%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.39%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.14%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.83%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.97%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.71%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.23%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.38%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Supplemental Data</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net assets applicable to Common Shares,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 245,193</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 257,806</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 273,593</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 281,350</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 278,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 289,695</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 289,364</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares outstanding at liquidation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>preference, end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 144,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 144,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 165,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 165,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 165,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 140,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 140,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>21%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>25%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>32%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>29%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Asset coverage per Preferred Share, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 67,380</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 69,563</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 66,461</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 67,638</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 67,165</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 76,734</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 76,674</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on average shares outstanding.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 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.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns exclude the effects of sales charges.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate total investment return.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 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 </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>tender option bond trusts.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Annualized.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amounts have been recalculated to conform with current year presentation.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>37</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Financial Highlights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=11><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Six Months</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>November 1,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007 to July 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended October 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2006</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2004</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2003</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Per Share Operating Performance</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.02</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.07</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.46</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.14</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.48</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.69</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.96</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.97</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.96</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.03</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.06</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized and unrealized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.88)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.76)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.42)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.27)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.06</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends and distributions to Preferred</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shareholders from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.21)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.28)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.25)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.16)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.06)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.06)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.01)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.01)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.00)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.00)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) from investment operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.53)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.29)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.08</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.53</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.06</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends and distributions to Common</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shareholders from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.32)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.49)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.65)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.73)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.92)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.94)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.94)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.02)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.01)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.01)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.01)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total dividends and distributions to</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.34)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.50)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.66)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.73)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.92)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.94)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.95)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital charges with respect to the issuance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Preferred Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.00</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.03)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.02</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.07</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.46</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.25</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Market price, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11.24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.81</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.70</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.96</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.65</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.39</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>4</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on net asset value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3.14)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.67)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.00%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.50%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.49%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.99%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.24%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on market price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(9.48)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2.95)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4.10)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.28%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.60%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12.23%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.02%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%" colSpan=3>&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Ratios to Average Net Assets Applicable to Common Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after waiver and excluding interest</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.18%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.18%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.17%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.15%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.16%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.06%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.03%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after waiver</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.38%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.24%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.37%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.59%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.52%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.33%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.29%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.39%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.24%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.37%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.59%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.52%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.35%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.30%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.34%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.18%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.30%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.46%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.21%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.79%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.89%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends paid to Preferred Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.78%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.87%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.81%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.63%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.03%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.38%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.56%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.31%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.49%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.83%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.18%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.37%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.51%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Supplemental Data</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net assets applicable to Common Shares,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 117,617</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 125,233</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 132,174</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 135,767</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 132,622</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 135,370</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 133,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares outstanding at liquidation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>preference, end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 65,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 65,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 73,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 73,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 73,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 73,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 56,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>29%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>21%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Asset coverage per Preferred Share, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 69,759</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 72,666</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 69,965</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 71,185</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 70,110</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 71,050</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 84,486</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9</FONT></SUP>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on average shares outstanding.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amount is less than ($0.01) per share.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amount is less than $0.01 per share.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns based on market value, which can be significantly greater</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>or lesser than the net asset value, may result in substantially different returns.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns exclude the effects of sales charges.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate total investment return.</FONT></P>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees relate to tender option bond trusts. See Note 1 of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the Notes to Financial Statements for details of municipal bonds transferred to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>tender option bond trusts.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Annualized.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amounts have been recalculated to conform with current year presentation.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>38 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Financial Highlights</FONT>&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="39%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=2>BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Six Months</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>November 1,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007 to July 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="21%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended October 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2006</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2004</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2003</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Per Share Operating Performance</FONT></B>&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&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="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.49</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.89</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.57</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 16.04</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.56</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.34</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.45</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.71</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.01</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.01</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.05</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.08</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.11</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized and unrealized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.81)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.18)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.40)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.35)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.48</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.16</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.11)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.22)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.32)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.27)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.19)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.08)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.07)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) from investment operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.47)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.69)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.51</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.48</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.20</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Common Shareholders from</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.32)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.50)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.69)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.78)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.96)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.00)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.98)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital charges with respect to the issuance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Preferred Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.00)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.02)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.51</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.49</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.89</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.57</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 16.04</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.56</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Market price, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11.18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.43</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.67</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.60</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.91</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.61</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.81</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>3</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on net asset value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2.63)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4.18)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.19%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.52%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.16%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10.15%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.33%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on market price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(7.30)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5.62)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.85)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.16%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.51%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12.63%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10.07%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%" colSpan=3>&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Ratios to Average Net Assets Applicable to Common Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after waiver and fees paid indirectly</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and excluding interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.14%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.13%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.05%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after waiver and fees</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.52%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.48%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.72%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.69%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.69%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.32%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.29%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.56%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.50%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.72%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.70%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.70%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.33%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.30%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.78%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.18%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.44%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.49%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.56%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.89%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.08%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends paid to Preferred Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.65%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.93%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.02%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.76%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.17%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.51%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.47%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.13%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.25%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.73%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.39%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.38%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.61%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Supplemental Data</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net assets applicable to Common Shares,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 155,119</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 164,119</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 177,807</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 182,402</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 178,771</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 183,877</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 178,337</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares outstanding at liquidation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>preference, end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 77,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 77,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 102,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 102,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 102,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 88,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 88,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>24%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>35%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>25%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>41%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>41%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Asset coverage per Preferred Share, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 75,106</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 78,018</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 68,585</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 69,717</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 68,827</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 77,241</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 75,666</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT></SUP>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on average shares outstanding.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amount is less than ($0.01) per share.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns based on market value, which can be significantly greater</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>or lesser than the net asset value, may result in substantially different returns.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns exclude the effects of sales charges.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate total investment return.</FONT></P>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees relate to tender option bond trusts. See Note 1 of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the Notes to Financial Statements for details of municipal bonds transferred to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>tender option bond trusts.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Annualized.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Prior year amounts have been recalculated to conform with current </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>year presentation.</FONT></P>
<P align=left>
<TABLE>
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     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
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<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>39</FONT></TD></TR></TABLE></P>
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<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Notes to Financial Statements </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=2>(Unaudited)</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>1. Organization and Significant Accounting Policies:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniHoldings New Jersey Insured Fund, Inc. (&#147;MuniHoldings</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>New Jersey Insured&#148;), BlackRock MuniYield Insured Investment Fund</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(formerly BlackRock MuniYield Florida Insured Fund) (&#147;MuniYield Insured</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Investment&#148;), BlackRock MuniYield Michigan Insured Fund, Inc. (&#147;MuniYield</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Michigan Insured&#148;), BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(&#147;MuniYield New Jersey Insured&#148;) and BlackRock MuniYield Pennsylvania</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Insured Fund (&#147;MuniYield Pennsylvania Insured&#148;) (the &#147;Funds&#148; or individ-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ually, as the &#147;Fund&#148;) are registered under the Investment Company Act </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of 1940, as amended (the &#147;1940 Act&#148;), as non-diversified, closed-end</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>management investment companies. MuniHoldings New Jersey Insured,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>MuniYield Michigan Insured and MuniYield New Jersey Insured are</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>organized as Maryland corporations. MuniYield Insured Investment and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>MuniYield Pennsylvania Insured are organized as Massachusetts busi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ness trusts. The Funds&#146; financial statements are prepared in conformity</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>with accounting principles generally accepted in the United States of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>America, which may require the use of management accruals and esti-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>mates. Actual results may differ from these estimates. The Funds deter-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>mine and make available for publication the net asset value of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>their Common Shares on a daily basis.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following is a summary of significant accounting policies followed </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>by the Funds:</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Valuation of Investments: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Municipal investments (including commitments</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to purchase such investments on a &#147;when-issued&#148; basis) are valued </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on the basis of prices provided by dealers or pricing services selected</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>under the supervision of each Fund&#146;s Board of Trustees or Directors (the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&#147;Board&#148;). In determining the value of a particular investment, pricing</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>services may use certain information with respect to transactions in such</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investments, quotations from dealers, pricing matrixes, market trans-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>actions in comparable investments and information with respect to </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>various relationships between investments. Swap agreements are valued</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>by utilizing quotes received daily by the Funds&#146; pricing service or through</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>brokers, which are derived using daily swap curves and trades of under-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>lying securities. Short-term securities with maturities less than 60 days</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>are valued at amortized cost, which approximates fair value. Investments</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>in open-end investment companies are valued at net asset value each</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>business day.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In the event that application of these methods of valuation results in </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>a price for an investment which is deemed not to be representative of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the market value of such investment, the investment will be valued by </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>a method approved by each Fund&#146;s Board as reflecting fair value (&#147;Fair</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Value Assets&#148;). When determining the price for Fair Value Assets, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment advisor and/or sub-advisor seeks to determine the price that</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>each Fund might reasonably expect to receive from the current sale of </FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>that asset in an arm&#146;s-length transaction. Fair value determinations shall</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>be based upon all available factors that the investment advisor and/or </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>sub-advisor deems relevant. The pricing of all Fair Value Assets is subse-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>quently reported to the Board or a committee thereof.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Derivative Financial Instruments: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Each Fund may engage in various </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>portfolio investment strategies both to increase the return of the Fund</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and to hedge, or protect, its exposure to interest rate movements and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>movements in the securities markets. Losses may arise if the value of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the contract decreases due to an unfavorable change in the price of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the underlying security or if the counterparty does not perform under </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the contract.</FONT></P>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Forward Interest Rate Swaps &#151; The Funds may enter into forward</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>interest rate swaps for investment purposes. The Funds may enter </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>into swap agreements, in which the Fund and a counterparty agree </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to make periodic net payments on a specified notional amount.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In a forward interest rate swap, a Fund and the counterparty agree </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to make periodic net payments on a specified notional contract</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>amount, commencing on a specified future effective date, unless </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>terminated earlier. These periodic payments received or made by the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Funds are recorded in the accompanying Statements of Operations</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>as realized gains or losses, respectively. Swaps are marked-to-market</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>daily and changes in value are recorded as unrealized appreciation</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(depreciation). When the swap is terminated, the Funds will record </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>a realized gain or loss equal to the difference between the proceeds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>from (or cost of) the closing transaction and the Funds&#146; basis in the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>contract, if any. The Funds generally intend to close each forward</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>interest rate swap before the effective date specified in the agree-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ment and therefore avoid entering into the interest rate swap under-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>lying each forward interest rate swap. Swap transactions involve,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to varying degrees, elements of credit and market risk in excess of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the amounts recognized on the Statements of Assets and Liabilities.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Such risks involve the possibility that there will be no liquid market</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>for these agreements, that the counterparty to the agreements may</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>default on its obligation to perform or disagree as to the meaning </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of the contractual terms in the agreements, and that there may be</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>unfavorable changes in interest rates and/or market values associ-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ated with these transactions.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Forward Commitments and When-Issued Delayed Delivery Securities:</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds may purchase securities on a when-issued basis and may</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>purchase or sell securities on a forward commitment basis. Settlement</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of such transactions normally occurs within a month or more after the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>purchase or sale commitment is made. The Funds may purchase securi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ties under such conditions only with the intention of actually acquiring </FONT></P>
<P align=left>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>40 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
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<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Notes to Financial Statements (continued)</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>them, but may enter into a separate agreement to sell the securities</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>before the settlement date. Since the value of securities purchased may</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>fluctuate prior to settlement, the Funds may be required to pay more at</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>settlement than the security is worth. In addition, the purchaser is not</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>entitled to any of the interest earned prior to settlement. When purchas-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ing a security on a delayed-delivery basis, the Funds assume the rights</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and risks of ownership of the security, including the risk of price and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>yield fluctuations.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Municipal Bonds Transferred to Tender Option Bond Trusts: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>leverage their assets through the use of tender option bond trusts</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(&#147;TOBs&#148;). A TOB is established by a third party sponsor forming a special</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>purpose entity, into which one or more funds, or an agent on behalf of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the funds, transfers municipal bonds. Other funds managed by the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment advisor may also contribute municipal bonds to a TOB into</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which the Fund has contributed securities. A TOB typically issues </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>two classes of beneficial interests: short-term floating rate certificates,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which are sold to third party investors, and residual certificates (&#147;TOB</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Residuals&#148;), which are generally issued to the participating funds that</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>made the transfer. The TOB Residuals held by the Funds include the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>right of the Funds (1) to cause the holders of a proportional share of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the floating rate certificates to tender their certificates at par, and (2) to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>transfer, within seven days, a corresponding share of the municipal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>bonds from the TOB to the Funds. The TOB may also be terminated with-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>out the consent of the Funds upon the occurrence of certain events as</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>defined in the TOB agreements. Such termination events may include </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the bankruptcy or default of the municipal bonds, a substantial down-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>grade in credit quality of the municipal bonds, the inability of the TOB to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>obtain quarterly or annual renewal of the liquidity support agreement, a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>substantial decline in market value of the municipal bonds or the inabil-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ity to remarket the short-term floating rate certificates to third </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>party investors.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The cash received by the TOB from the sale of the short-term floating</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rate certificates, less transaction expenses, is paid to the Fund, which</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>typically invests the cash in additional municipal bonds. The Funds&#146;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>transfer of the municipal bonds to a TOB is accounted for as a secured</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>borrowing, therefore the municipal bonds deposited into a TOB are pre-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>sented in the Fund&#146;s Schedule of Investments and the proceeds from the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>issuance of the short-term floating rate certificates are shown on the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Statements of Assets and Liabilities as Trust Certificates.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Interest income from the underlying security is recorded by the Funds </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on an accrual basis. Interest expense incurred on the secured borrowing</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and other expenses related to remarketing, administration and trustee</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>services to a TOB are reported as expenses of the Funds. The floating </FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rate certificates have interest rates that generally reset weekly and their</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>holders have the option to tender certificates to the TOB for redemption</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>at par at each reset date. At January 31, 2009, the aggregate value of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the underlying municipal bonds transferred to TOBs, the related liability</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>for trust certificates and the range of interest rates on the liability for the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>trust certificates were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Underlying</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability for</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Range of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transferred</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trust</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>to TOBs</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Certificates</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Rates</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniHoldings New Jersey</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.412% &#150;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$25,988,960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$14,825,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.351%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.153% &#150;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$17,756,462</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8,490,632</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.830%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Michigan</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.242% &#150;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$30,278,956</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$16,190,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.630%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield New Jersey</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.412% &#150;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 9,983,616</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,655,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.351%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Pennsylvania</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.838% &#150;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$24,508,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$11,000,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.561%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Financial transactions executed through TOBs generally will underperform</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the market for fixed rate municipal bonds when interest rates rise, but</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tend to outperform the market for fixed rate bonds when interest rates</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>decline or remain relatively stable. Should short-term interest rates rise,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Funds&#146; investments in TOBs may adversely affect the Funds&#146; invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ment income and distributions to Common Shareholders. Also, fluctua-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tions in the market value of municipal bonds deposited into the TOB may</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>adversely affect the Funds&#146; net asset value per share.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Zero-Coupon Bonds: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds may invest in zero-coupon bonds, which</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>are normally issued at a significant discount from face value and do not</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>provide periodic interest payments. Zero-coupon bonds may experience</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>greater volatility in market value than similar maturity debt obligations</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which provide regular interest payments.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Segregation and Collateralization: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In cases in which the 1940 Act and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the interpretive positions of the Securities and Exchange Commission</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(&#147;SEC&#148;) require that each Fund segregates assets in connection with </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>certain investments (e.g., swaps), each Fund will, consistent with certain</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>interpretive letters issued by the SEC, designate on their books and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>records cash or other liquid securities having a market value at least</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>equal to the amount that would otherwise be required to be physically</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>segregated. Furthermore, based on requirements and agreements with</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>certain exchanges and third party broker-dealers, the Funds may also be</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>required to deliver or deposit securities as collateral for certain invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ments (e.g., swaps).</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>41</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_42"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Notes to Financial Statements (continued)</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Investment Transactions and Investment Income: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Investment trans-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>actions are recorded on the dates the transactions are entered into </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(the trade dates). Realized gains and losses on security transactions are</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>determined on the identified cost basis. Dividend income is recorded </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on the ex-dividend dates. Interest income is recognized on the accrual</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>method. Each Fund amortizes all premiums and discounts on debt </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>securities.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Dividends and Distributions: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Dividends from net investment income are</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>declared and paid monthly. Distributions of capital gains are recorded</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on the ex-dividend dates. Dividends and distributions to Preferred</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shareholders are accrued and determined as described in Note 5.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Income Taxes: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>It is each Fund&#146;s policy to comply with the requirements</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of the Internal Revenue Code applicable to regulated investment com-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>panies and to distribute substantially all of its taxable income to its</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>shareholders. Therefore, no federal income tax provision is required.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Each Fund files US federal and various state and local tax returns. No</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>income tax returns are currently under examination. The statute of limita-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tions on the Funds&#146; US federal tax returns remains open for each of the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>four years ended July 31, 2008. The statutes of limitations on the Funds&#146;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>state and local tax returns may remain open for an additional year</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>depending upon the jurisdiction.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Recent Accounting Pronouncement: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In March 2008, Statement of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Financial Accounting Standards No. 161, &#147;Disclosures about Derivative</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Instruments and Hedging Activities &#151; an amendment of FASB Statement</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>No. 133&#148; (&#147;FAS 161&#148;), was issued. FAS 161 is intended to improve</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>financial reporting for derivative instruments by requiring enhanced </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>disclosure that enables investors to understand how and why an entity</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>uses derivatives, how derivatives are accounted for, and how derivative</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>instruments affect an entity&#146;s results of operations and financial position.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>FAS 161 is effective for financial statements issued for fiscal years </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and interim periods beginning after November 15, 2008. The impact </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on the Funds&#146; financial statement disclosures, if any, is currently </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>being assessed.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Deferred Compensation and BlackRock Closed-End Share Equivalent</FONT></B><BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Investment Plan: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Under the deferred compensation plan approved by</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>each Fund&#146;s Board, non-interested Trustees or Directors (&#147;Independent</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trustees&#148;) may defer a portion of their annual complex-wide compensa-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tion. Deferred amounts earn an approximate return as though equivalent</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>dollar amounts had been invested in common shares of other certain</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Closed-End Funds selected by the Independent Trustees.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>This has approximately the same economic effect for the Independent</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trustees as if the Independent Trustees had invested the deferred</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>amounts directly in the other certain BlackRock Closed-End Funds.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The deferred compensation plan is not funded and obligations there-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>under represent general unsecured claims against the general assets </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of each Fund. Each Fund may, however, elect to invest in common </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>shares of the other certain BlackRock Closed-End Funds selected by </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Independent Trustees in order to match its deferred compensation</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>obligations.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Other: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Expenses directly related to each Fund are charged to that </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Fund. Other operating expenses shared by several funds are pro-rated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>among those funds on the basis of relative net assets or other appro-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>priate methods.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>2. Investment Advisory Agreement and Other Transactions</FONT></B><BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>with Affiliates:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Each Fund entered into an Investment Advisory Agreement with BlackRock</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Advisors, LLC (the &#147;Advisor&#148;), an indirect, wholly owned subsidiary of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock, Inc., to provide investment advisory and administration </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>services. As of January 31, 2009, The PNC Financial Services Group, Inc.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(&#147;PNC&#148;) and Bank of America Corporation (&#147;BAC&#148;) are the largest stock-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>holders of BlackRock, Inc. (&#147;BlackRock&#148;). BAC became a stockholder of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock following its acquisition of Merrill Lynch &amp; Co., Inc. (&#147;Merrill</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Lynch&#148;) on January 1, 2009. Prior to that date, both PNC and Merrill</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Lynch were considered affiliates of the Funds under the 1940 Act.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Subsequent the acquisition, PNC remains an affiliate, but due to the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>restructuring of Merrill Lynch&#146;s ownership interest of BlackRock, BAC </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>is not deemed to be an affiliate under the 1940 Act.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Advisor is responsible for the management of each Fund&#146;s portfolio</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and provides the necessary personnel, facilities, equipment and certain</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>other services necessary to the operations of each Fund. For such ser-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>vices, each Fund pays the Advisor a monthly fee at an annual rate of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>0.50%, except MuniHoldings New Jersey Insured, which is 0.55%,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of each Fund&#146;s average daily net assets. Average daily net assets is the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>average daily value of each Fund&#146;s total assets minus the sum of its</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>accrued liabilities.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Advisor has voluntarily agreed to waive its advisory fee on the pro-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ceeds of Preferred Shares and TOBs that exceed 35% of the average</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>daily net assets of MuniHoldings New Jersey Insured. For the six months</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ended January 31, 2009, the Advisor waived $168,191, which is</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>included in fees waived by advisor on the Statements of Operations.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Advisor has agreed to waive its advisory fees by the amount of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment advisory fees each Fund pays to the Advisor indirectly</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>through its investment in affiliated money market funds. This amount is</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>shown on the Statements of Operations as fees waived by advisor. For</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the six months ended January 31, 2009, the amounts were as follows:</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>42 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_43"></A>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Notes to Financial Statements (continued)</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fees Waived</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>by Advisor</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniHoldings New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$14,577</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Insured Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$17,308</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Michigan Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$22,858</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 6,899</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Pennsylvania Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$30,430</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Advisor has entered into a separate sub-advisory agreement with</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Investment Management, LLC (&#147;BIM&#148;), an affiliate of the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Advisor, under which the Advisor pays BIM for services it provides, a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>monthly fee that is a percentage of the investment advisory fee paid by</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Funds to the Advisor.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the six months ended January 31, 2009, each Fund reimbursed the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Advisor for certain accounting services in the following amounts, which</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>are included in accounting services on the Statements of Operations:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="63%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="34%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amount</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="63%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniHoldings New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$4,380</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="63%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Insured Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$1,634</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="63%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Michigan Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$3,499</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="63%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$1,838</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="63%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Pennsylvania Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$2,243</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Certain officers and/or directors/trustees or directors of the Funds are</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>officers and/or directors of BlackRock, Inc. or its affiliates. The Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>reimburse the Advisor for compensation paid to the Funds&#146; Chief</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Compliance Officer.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>3. Investments:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Purchases and sales of investments, excluding short-term securities, for</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the six months ended January 31, 2009 were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Purchases</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sales</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniHoldings New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$26,041,045</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$33,063,956</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Insured Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$25,633,174</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$34,918,395</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Michigan Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$19,269,152</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$60,921,401</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 7,953,481</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$15,794,629</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Pennsylvania Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$11,915,802</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$41,579,281</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>4. Concentration, Market and Credit Risk:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Each Fund invests a substantial amount of its assets in issuers located</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>in a single state or limited number of states. Please see each Fund&#146;s</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Schedule of Investments for concentrations in specific states.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Many municipalities insure repayment of their bonds, which reduces </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>risk of loss due to issuer default. The market value of these bonds may</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>fluctuate for other reasons, including market perception of the value of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>such insurance, and there is no guarantee that the insurer will meet </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>its obligation.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In the normal course of business, the Funds invest in securities and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>enter into transactions where risks exist due to fluctuations in the market</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(market risk) or failure of the issuer of a security to meet all its obliga-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tions (credit risk). The value of securities held by the Funds may decline</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>in response to certain events, including those directly involving the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>issuers whose securities are owned by the Funds; conditions affecting</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the general economy; overall market changes; local, regional or global</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>political, social or economic instability; and currency and interest rate</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and price fluctuations. Similar to credit risk, the Funds may be exposed</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to counterparty risk, or the risk that an entity with which the Funds have</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>unsettled or open transactions may default. Financial assets, which</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>potentially expose the Funds to credit and counterparty risks, consist</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>principally of investments and cash due from counterparties. The extent</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of the Funds&#146; exposure to credit and counterparty risks with respect to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>these financial assets is approximated by their value recorded in each</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Fund&#146;s Statement of Assets and Liabilities.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>5. Capital Share Transactions:</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Common Shares</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>MuniYield Insured Investment and MuniYield Pennsylvania Insured </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>are authorized to issue an unlimited number of Common Shares of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>beneficial interest, par value $0.10 per share together with 1,000,000</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Preferred Shares of beneficial interest, par value of $0.05 per share.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds&#146; Board is authorized, however, to classify and reclassify any</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>unissued shares of capital shares without approval of Common</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shareholders.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>MuniHoldings New Jersey Insured, MuniYield Michigan Insured and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>MuniYield New Jersey Insured are authorized to issue 200,000,000</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>shares, including Preferred Shares, par value $0.10 per share or $0.05</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>per share, all of which were initially classified as Common Shares. The</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Funds&#146; Board is authorized, however, to classify and reclassify any </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>unissued shares of capital shares without approval of Common</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shareholders.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For MuniHoldings New Jersey Insured, shares issued and outstanding</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>during the six months ended January 31, 2009 and the year ended July</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>31, 2008 remained constant.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For MuniYield Insured Investment, MuniYield Michigan Insured, MuniYield</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>New Jersey Insured and MuniYield Pennsylvania Insured, shares issued</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and outstanding during the six months ended January 31, 2009, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>period November 1, 2007 to July 31, 2008 and the year ended October</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>31, 2007 remained constant.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>43</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_44"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Notes to Financial Statements (continued)</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Preferred Shares</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Preferred Shares are redeemable at the option of each Fund, in</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>whole or in part, on any dividend payment date at its liquidation prefer-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ence per share plus any accumulated unpaid dividends whether or not</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>declared. The Preferred Shares are also subject to mandatory redemp-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tion at $25,000 per share plus any accumulated or unpaid dividends,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>whether or not declared, if certain requirements relating to the composi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tion of the assets and liabilities of a Fund, as set forth in each Fund&#146;s</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Statement of Preferences/Articles of Incorporation, are not satisfied.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The holders of Preferred Shares have voting rights equal to the holders</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of Common Shares (one vote per share) and will vote together with</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>holders of Common Shares (one vote per share) as a single class.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>However, the holders of Preferred Shares, voting as a separate class,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>are also entitled to elect two Directors/Trustees for each Fund. In addi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tion, the 1940 Act requires that along with approval by shareholders that</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>might otherwise be required, the approval of the holders of a majority of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>any outstanding Preferred Shares, voting separately as a class would be</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>required to (a) adopt any plan of reorganization that would adversely</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>affect the Preferred Shares, (b) change a Fund&#146;s sub-classification as a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>closed-end investment company or change its fundamental investment</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>restrictions or (c) change its business so as to cease to be an invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ment company.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds had the following series of Preferred Shares outstanding and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>effective yields as of January 31, 2009:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniHoldings New Jersey Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yields</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,184</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.655%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,184</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.716%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,089</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.731%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series D</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,636</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.746%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series E</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>975</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.716%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Insured Investment</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yields</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,075</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.655%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>415</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.778%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Michigan Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yields</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,753</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.731%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,753</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.716%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,403</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.746%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series D</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>877</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.695%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield New Jersey Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yields</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,002</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.716%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>626</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.751%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Pennsylvania Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yields</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,214</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.655%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,457</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.731%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>425</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.751%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The maximum applicable rate on this series of Preferred Shares is the higher </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&amp;P </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The maximum applicable rate on this series of Preferred Shares is the higher </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of 110% plus or times (i) the Telerate/BBA LIBOR or (ii) 90% of the Kenny S&amp;P</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Each Fund&#146;s series of Preferred Shares have a reset frequency of seven</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>days. Dividends on seven-day Preferred Shares are cumulative at a rate </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>that is reset every seven days based on the results of an auction. If </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Preferred Shares fail to clear the auction on an auction date, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>affected Fund is required to pay the maximum applicable rate on the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Preferred Shares to holders of such shares for successive dividend </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>periods until such time as the shares are successfully auctioned. The</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>maximum applicable rate on the Preferred Shares is footnoted as appli-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>cable on the above chart. The low, high and average dividend </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rates on the Preferred Shares for each Fund for the six months ended</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>January 31, 2009 were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniHoldings New Jersey Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Average</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.594%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10.205%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.123%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.594%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12.261%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.112%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.594%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11.347%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.094%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series D</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.640%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12.565%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.126%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series E</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.594%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11.728%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.084%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Insured Investment</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Average</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.594%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10.205%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.081%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.682%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12.523%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.862%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Michigan Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Average</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.594%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11.347%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.099%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.594%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11.728%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.142%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.640%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12.565%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.128%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series D</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.640%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10.377%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.928%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>44 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_45"></A>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Notes to Financial Statements (continued)</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield New Jersey Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Average</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.594%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11.728%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.095%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.640%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12.246%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.848%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Pennsylvania Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Average</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.594%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10.205%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.113%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.594%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11.347%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.094%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.640%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12.246%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.905%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the six months ended January 31, 2009, the Preferred Shares of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>each Fund failed to clear any of their auctions. As a result, the Preferred</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Share dividend rates were reset to the maximum applicable rate, which</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ranged from 0.594% to 12.565% . A failed auction is not an event of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>default for the Funds but it has a negative impact on the liquidity of the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Preferred Shares. A failed auction occurs when there are more sellers of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>a fund&#146;s auction rate Preferred Shares than buyers. It is impossible to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>predict how long this imbalance will last. A successful auction for each</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Fund&#146;s Preferred Shares may not occur for some time, if ever, and even </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>if liquidity does resume, Preferred Shareholders may not have the ability</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to sell the Preferred Shares at their liquidation preference.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A Fund may not declare dividends or make other distributions on</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Common Shares or purchase any such shares if, at the time of the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>declaration, distribution or purchase, asset coverage with respect to the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>outstanding Preferred Shares is less than 200%.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Prior to December 22, 2008, the Funds paid commissions to certain </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>broker-dealers at the end of each auction at an annual rate of 0.25%,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>calculated on the aggregate principal amount. As of December 22,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2008, commissions paid to broker-dealers on preferred shares that</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>experienced a failed auction were reduced to 0.15% on the aggregate</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>principal amount. The Funds will continue to pay commissions of 0.25%</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on the aggregate principal amount of all shares that successfully clear</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>their auctions. Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(&#147;MLPF&amp;S&#148;), a wholly owned subsidiary of Merrill Lynch, earned com-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>missions for the period August 1, 2008 through December 31, 2008 </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>as follows. Subsequent to that date, neither MLPF&amp;S or Merrill Lynch </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>are considered affiliates of the Funds.</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="37%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commissions</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniHoldings New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 231,521</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Insured Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 95,353</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Michigan Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 174,537</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 93,868</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Pennsylvania Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 124,097</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shares issued and outstanding during the six months ended January 31,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2009 remained constant.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>During the year ended July 31, 2008, the Funds announced the follow-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ing redemptions of Preferred Shares at a price of $25,000 per share</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>plus any accrued and unpaid dividends through the redemption date:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniHoldings</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redemption</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares to be</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Date</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redeemed</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Price</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/24/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>176</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,400,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/27/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>176</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,400,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/25/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>311</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 7,775,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series D</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/26/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>244</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 6,100,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series E</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/23/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>145</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,625,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redemption</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares to be</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Investment</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Date</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redeemed</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Price</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/24/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8,125,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/26/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>65</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,625,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redemption</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares to be</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Date</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redeemed</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Price</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/25/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>247</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 6,175,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/23/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>247</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 6,175,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/26/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>197</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,925,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series D</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/24/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>123</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,075,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redemption</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares to be</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Date</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redeemed</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Price</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/23/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>238</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,950,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/27/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>74</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,850,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redemption</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares to be</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Date</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redeemed</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Price</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/24/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>386</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 9,650,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/25/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>463</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$11,575,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6/27/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>135</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,375,000</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>6. Capital Loss Carryforward:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>As of July 31, 2008, certain Funds had a capital loss carryforward </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>available to offset future realized capital gains through the indicated year</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of expiration:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniHoldings</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expires July 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$22,843,109</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$1,124,652</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>235,894</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2012</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$2,081,725</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,953,220</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2016</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>659,619</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,689,814</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$23,079,003</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$2,741,344</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$6,767,686</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>45</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Notes to Financial Statements (concluded)</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>7. Restatement Information (For MuniYield Michigan</FONT></B><BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>Insured):</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Subsequent to the initial issuance of MuniYield Michigan Insured&#146;s</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>October 31, 2006 financial statements, the Fund determined that the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>criteria for sale accounting in FAS 140 had not been met for certain</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>transfers of municipal bonds and that these transfers should have been</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>accounted for as secured borrowings rather than as sales. As a result,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>certain financial highlights for each of the three years in the period</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ended October 31, 2005 have been restated to give effect to recording</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the transfers of the municipal bonds as secured borrowings, including</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>recording interest on the bonds as interest income and interest on the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>secured borrowings as interest expense.</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financial Highlights for MuniYield Michigan Insured</FONT></B>&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="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Years Ended October 31, 2005, 2004 and 2003</FONT></B>&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="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2004</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2003</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Previously</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Previously</FONT></B>&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="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Previously</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Reported</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Restated</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Reported&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restated</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Reported&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restated</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&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="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>after waiver</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.10%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.00%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.19%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.01%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.20%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.10%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.02%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.22%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.03%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.21%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30.16%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>25%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>36.63%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>32%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>33.39%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>29%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="89%" colSpan=11>&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>8. Subsequent Events:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds paid a net investment income dividend in the following</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>amounts per share on March 2, 2009 to shareholders of record on</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>February 13, 2009:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividend</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Per Share</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniHoldings New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.0530</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Insured Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.0535</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Michigan Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.0540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.0540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Pennsylvania Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.0530</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The dividends declared on Preferred Shares for the period February 1,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2009 to February 28, 2009 for the Funds were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividend Declared</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniHoldings New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$16,723</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$17,379</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$29,526</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>D</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$24,057</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>E</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$13,876</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="49%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="22%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Insured Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$29,308</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$14,302</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="49%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="22%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Michigan Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$24,777</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$24,948</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$20,642</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>D</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$29,783</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="49%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="22%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$28,492</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$21,574</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="49%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="22%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Pennsylvania Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$17,147</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$20,594</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$14,647</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>46 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Officers and Directors/Trustees</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Richard E. Cavanagh, Chairman of the Board and Director/Trustee</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Karen . Robards, Vice Chair of the Board, Chair of the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Audit Committee and Director/Trustee</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>G. Nicholas Beckwith, III, Director/Trustee</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Richard S. Davis, Fund President</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and Director/Trustee</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Kent Dixon, Director/Trustee </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Frank J. Fabozzi, Director/Trustee </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Kathleen F. Feldstein, Director/Trustee</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>James T. Flynn, Director/Trustee </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Henry Gabbay, Director/Trustee</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Jerrold B. Harris, Director/Trustee</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>R. Glenn Hubbard, Director/Trustee</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>W. Carl Kester, Director/Trustee </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Donald C. Burke, Fund President</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and Chief Executive Officer</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Anne F. Ackerley, Vice President</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Neal J. Andrews, Chief Financial Officer</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Jay M. Fife, Treasurer</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Brian . Kindelan, Chief Compliance Officer of the Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Howard B. Surloff, Secretary</FONT><BR>
<BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund President of BlackRock MuniYield Insured Investment Fund and BlackRock</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniYield Pennsylvania Insured Fund</FONT><BR>
<BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund President for BlackRock MuniHoldings New Jersey Insured Fund, Inc.,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Michigan Insured Fund, Inc. and BlackRock MuniYield New</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jersey Insured Fund, Inc.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Custodian</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State Street Bank and Trust Company</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Boston, MA 02101</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transfer Agent Auction Agent</FONT></B><BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Common Shares: Preferred Shares:</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Computershare Trust BNY Mellon Shareowner Services</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Company, N.A. Jersey City, NJ 07310</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Providence, RI 02940</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Insured Investment Fund </FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Custodian</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Bank of New York Mellon</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>New York, NY 10286</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transfer Agent and Auction Agent</FONT></B><BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Common Shares and Preferred Shares:</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BNY Mellon Shareowner Services</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Jersey City, NJ 07310</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For All Funds:</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Accounting Agent</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State Street Bank and Trust Company</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Princeton, NJ 08540</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Independent Registered Public</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Accounting Firm</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Deloitte &amp; Touche </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>LLP</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Princeton, NJ 08540</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Legal Counsel</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Skadden, Arps, Slate, Meagher &amp; Flom </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>LLP</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>New York, NY 10036</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Effective January 1, 2009, Robert S. Salomon, Jr. retired as</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Director/Trustee of the Funds. The Board wishes Mr. Salomon </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>well in his retirement.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT JANUARY 31, 2009 47</FONT></TD></TR></TABLE></P>
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<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Additional Information</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Proxy Results</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Annual Meeting of Shareholders was held on September 12, 2008 for shareholders of record on July 14, 2008 to elect director/trustee</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>nominees of each Fund/Trust:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Approved the Directors/Trustees as follows:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>G. Nicholas Beckwith, III</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kent Dixon</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>R. Glenn Hubbard</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&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 color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniHoldings New Jersey</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,165,778</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>943,880</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,160,014</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>949,644</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,143,575</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>966,083</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Insured Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,339,151</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>464,982</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,336,151</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>467,982</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,348,020</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>456,113</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Michigan Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,174,236</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>840,544</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,172,632</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>842,148</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,173,497</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>841,283</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,026,547</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>202,984</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,025,169</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>204,362</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,026,178</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>203,353</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Pennsylvania</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,705,364</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>372,929</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,701,363</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>376,930</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,704,985</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>373,308</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W. Carl Kester</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Robert S. Salomon, Jr.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Richard S. Davis</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&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 color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniHoldings New Jersey</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,054</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,732</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,158,623</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>951,035</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,153,934</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>955,724</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Insured Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,167</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,339,151</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>464,982</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,348,020</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>456,113</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Michigan Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,346</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>389</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,173,083</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>841,697</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,181,223</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>833,557</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,666</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>613</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,026,169</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>203,362</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,024,598</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>204,933</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Pennsylvania</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,788</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>246</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,700,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>377,993</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,705,364</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>372,929</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Frank J. Fabozzi</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>James T. Flynn</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Karen P</FONT></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>. Robards</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&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 color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniHoldings New Jersey</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,054</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,732</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,133,505</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>976,153</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,170,085</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>939,573</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Insured Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,167</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,345,020</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>459,113</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,348,020</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>456,113</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Michigan Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,346</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>389</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,175,897</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>838,883</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,177,074</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>837,706</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,666</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>613</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,024,539</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>204,992</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,028,177</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>201,354</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Pennsylvania</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,788</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>246</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,699,313</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>378,980</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,703,211</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>375,082</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Voted on by holders of Preferred Shares only.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&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="9%">&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>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>48 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="44%" colSpan=3><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Additional Information (continued)</FONT>&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="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Proxy Results (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&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="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Richard E. Cavanagh</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kathleen F. Feldstein</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Henry Gabbay</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniHoldings New Jersey</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&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="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,183,246</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>926,412</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,127,496</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>982,162</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,161,767</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>947,891</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Insured Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&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="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,348,020</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>456,113</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,336,151</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>467,982</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,348,020</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>456,113</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Michigan Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&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="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,180,873</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>833,907</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,167,456</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>847,324</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,179,503</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>835,277</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&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="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,028,177</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>201,354</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,028,177</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>201,354</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,028,178</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>201,353</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Pennsylvania</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&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="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,703,314</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>374,979</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,698,360</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>379,933</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,704,964</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>373,329</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jerrold B. Harris</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniHoldings New Jersey</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&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="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,183,246</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>926,412</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Insured Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&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="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,339,151</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>464,982</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Michigan Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&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="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,175,023</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>839,757</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&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="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,028,178</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>201,353</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Pennsylvania</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&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="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,700,863</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>377,430</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&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="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Dividend Policy</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds&#146; dividend policy is to distribute all or a portion of their net</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment income to its shareholders on a monthly basis. In order to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>provide shareholders with a more stable level of dividend distributions,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Funds may at times pay out less than the entire amount of net</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment income earned in any particular month and may at times </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>in any particular month pay out such accumulated but undistributed</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>income in addition to net investment income earned in that month.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>As a result, the dividends paid by the Funds for any particular month</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>may be more or less than the amount of net investment income earned</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>by the Funds during such month. The Funds&#146; current accumulated </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>but undistributed net investment income, if any, is disclosed in the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Statements of Assets and Liabilities, which comprises part of the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>financial information included in this report.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>49</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Additional Information (continued)</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>General Information</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds will mail only one copy of shareholder documents, including</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>annual and semi-annual reports and proxy statements, to shareholders </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>with multiple accounts at the same address. This practice is commonly</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>called &#147;householding&#148; and it is intended to reduce expenses and elimi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>nate duplicate mailings of shareholder documents. Mailings of your</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>shareholder documents may be householded indefinitely unless you</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>instruct us otherwise. If you do not want the mailing of these documents</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to be combined with those for other members of your household, please</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>contact the Funds at (800) 441-7762.</FONT></TD></TR></TABLE></P>
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<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Quarterly performance, semi-annual and annual reports and other </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>information regarding the Funds may be found on BlackRock&#146;s website,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which can be accessed at http://www.blackrock.com. This reference </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to BlackRock&#146;s website is intended to allow investors public access to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>information regarding the Funds and does not, and is not intended to,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>incorporate BlackRock&#146;s website into this report.</FONT></TD></TR></TABLE></P>
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<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Availability of Quarterly Schedule of Investments</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds file their complete schedule of portfolio holdings with </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the SEC for the first and third quarters of each fiscal year on </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Form N-Q. The Funds&#146; Forms N-Q are available on the SEC&#146;s website</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>at http://www.sec.gov and may also be reviewed and copied at the</FONT></TD></TR></TABLE></P>
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<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>SEC&#146;s Public Reference Room in Washington, DC. Information on the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>operation of the Public Reference Room may be obtained by calling</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(800) SEC-0330. The Funds&#146; Forms N-Q may also be obtained upon</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>request and without charge by calling (800) 441-7762.</FONT></TD></TR></TABLE></P>
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<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Electronic Delivery</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Electronic copies of most financial reports are available on the Funds&#146;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>websites or shareholders can sign up for e-mail notifications of quarterly</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>statements, annual and semi-annual reports by enrolling in the Funds&#146;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>electronic delivery program.</FONT></TD></TR></TABLE></P>
<P align=left>
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<TR>
     <TD noWrap><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shareholders Who Hold Accounts with Investment Advisors, Banks </FONT></B><BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>or Brokerages:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Please contact your financial advisor to enroll. Please note that not all</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment advisors, banks or brokerages may offer this service.</FONT></TD></TR></TABLE></P>
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<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Section 19 Notices</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The amounts and sources of distributions reported are only estimates and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>are not being provided for tax reporting purposes. The actual amounts and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>sources for tax reporting purposes will depend upon each Fund&#146;s invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ment experience during the year and may be subject to changes based </FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on the tax regulations. Each Fund will send you a Form 1099-DIV each</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>calendar year that will tell you how to report these distributions for federal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>income tax purposes.</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&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="16%" colSpan=3>&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Fiscal Year-to-Date</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Percentage of Fiscal Year-to-Date</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="34%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cumulative Distributions by Character</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cumulative Distributions by Character</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Realized</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Per</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Realized</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Per</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Return of</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Return of</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gains</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Share</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gains</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Share</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Insured Investment Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.329</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.329</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield New Jersey Insured Fund, Inc</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.324</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.017</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.341</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100%</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>50 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Additional Information (concluded)</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Board Approvals</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>On September 12, 2008, the Board of Directors of the Funds voted</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>unanimously to change certain investment guidelines of the Funds. Under</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>normal market conditions, the Funds are required to invest at least 80%</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of their total assets in municipal bonds either (i) insured under an insur-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ance policy purchased by the Funds or (ii) insured under an insurance</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>policy obtained by the issuer of the municipal bond or any other party.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Historically, the Funds have had an additional non-fundamental invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ment policy limiting its purchase of insured municipal bonds to those</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>bonds insured by insurance providers with claims-paying abilities rated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AAA or Aaa at the time of investment.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Following the onset of the credit and liquidity crises currently troubling </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the financial markets, the applicable rating agencies lowered the claims-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>paying ability rating of most of the municipal bond insurance providers</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>below the highest rating category. As a result, the Advisor recommended,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and the Board approved, an amended policy with respect to the pur-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>chase of insured municipal bonds that such bonds must be insured by</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>insurance providers or other entities with claims-paying abilities rated </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>at least investment grade. This investment grade restriction is measured </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>at the time of investment, and the Funds will not be required to dispose </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of municipal bonds they hold in the event of subsequent downgrades.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The approved changes do not alter the Funds&#146; investment objectives.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In addition, on September 12, 2008, the Board of Directors of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Florida Insured Fund voted unanimously to change </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>a non-fundamental investment policy of the Fund, and to rename the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Fund &#147;BlackRock MuniYield Insured Investment Fund.&#148; The Fund&#146;s previ-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ous non-fundamental investment policy required the Fund, under normal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>market conditions, to invest at least 80% of its assets in Florida municipal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>bonds insured by insurers with claims-paying abilities rated AAA at time </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of investment. Due to the repeal of the Florida Intangible Personal Property</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tax as of January 2007, the Board has approved an amended policy </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>allowing the Fund flexibility to invest in municipal obligations regardless </FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of geographic location, as well as revising the policy with respect to </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the claims-paying ability rating adopted by the Fund. The Fund's new</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment policy is, under normal market conditions, to invest at least</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>80% of its assets in municipal bonds insured by insurers or other </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>entities with claims-paying abilities rated at least investment grade </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>at time of investment. The approved changes will not alter the Fund&#146;s </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment objective.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Under current market conditions, the Advisor anticipates that it will </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>gradually reposition the BlackRock MuniYield Insured Investment Fund&#146;s</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>portfolio over time and that during such period, the Fund may continue</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to hold a substantial portion of its assets in Florida municipal bonds. At </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>this time, it is uncertain how long the repositioning may take, and the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Fund will continue to be subject to risks associated with investing a </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>significant portion of its assets in Florida municipal bonds until the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>repositioning is complete.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Advisor and the Board believe the amended policies will allow the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Advisor to better manage the Funds&#146; portfolios in the best interests of the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Funds&#146; shareholders and to better meet the Funds' investment objectives.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Effective September 13, 2008, following approval by the Funds&#146; Board</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and the applicable ratings agencies, the Board amended the terms of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Funds&#146; Statement of Preferences/Articles of Incorporation in order </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to allow the Funds to enter into TOB transactions, the proceeds of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which were used to redeem a portion of the Funds&#146; Preferred Shares.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Accordingly, the definition of Inverse Floaters was amended to incorporate</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Funds&#146; permissible ratio of floating rate instruments into inverse float-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ing rate instruments. Additionally, confirming changes and certain formula</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>modifications concerning inverse floaters were made to the definitions </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of Moody&#146;s Discount Factor and S&amp;P Discount Factor, as applicable, to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>integrate the Funds&#146; investments in TOBs into applicable calculations.</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>51</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>This report is transmitted to shareholders only. It is not a prospec-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tus. Past performance results shown in this report should not be</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>considered a representation of future performance. The Funds have</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>leveraged their Common Shares, which creates risks for Common</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shareholders, including the likelihood of greater volatility of net</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>asset value and market price of the Common Shares, and the risk</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>that fluctuations in the short-term dividend rates of the Preferred</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shares, currently set at the maximum reset rate as a result of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>failed auctions, may affect the yield to Common Shareholders.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Statements and other information herein are as dated and are </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>subject to change.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A description of the policies and procedures that the Funds use </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to determine how to vote proxies relating to portfolio securities </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>is available (1) without charge, upon request, by calling toll-free </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(800) 441-7762; (2) at www.blackrock.com; and (3) on the Secu-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rities and Exchange Commission&#146;s website at http://www.sec.gov.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Information about how the Funds voted proxies relating to securities</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>held in the Funds&#146; portfolios during the most recent 12-month </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>period ended June 30 is available upon request and without charge</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(1) at www.blackrock.com or by calling (800) 441-7762 and </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(2) on the Securities and Exchange Commission&#146;s website at</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>http://www.sec.gov.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Insured Investment Fund</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>100 Bellevue Parkway</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Wilmington, DE 19809</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=center><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>#MHMYINS6-1/09</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Item 2 &#150; Code of Ethics &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Item 3 &#150; Audit Committee Financial Expert &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Item 4 &#150; Principal Accountant Fees and Services &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Item 5 &#150; Audit Committee of Listed Registrants &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Item 6 &#150; Investments</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(a) The registrant&#146;s Schedule of Investments is included as part of the Report to </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Stockholders filed under Item 1 of this form.</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(b) Not Applicable due to no such divestments during the semi-annual period covered since </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>the previous Form N-CSR filing.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Item 7 &#150; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Investment Companies &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Item 8 &#150; Portfolio Managers of Closed-End Management Investment Companies &#150; as of January 31, </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2009</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(a) Not Applicable</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(b) Effective December 8, 2008, Mr. Fred K. Stuebe, a portfolio manager of the Fund </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>identified in response to paragraph (a) of this item in the Fund&#146;s most recent annual report, </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>has resigned from the Adviser. As of January 31, 2009, BlackRock MuniYield Michigan </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Insured Fund, Inc. is managed by a team of investment professionals comprised of Theodore </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>R. Jaeckel, Jr., CFA, Managing Director at BlackRock, Walter O&#146;Connor, Managing </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Director at BlackRock and F. Howard Downs, Director at BlackRock. Each is a member of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>BlackRock&#146;s municipal tax-exempt management group. Each is jointly responsible for the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>day-to-day management of the Fund&#146;s portfolio, which includes setting the Fund&#146;s overall </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>investment strategy, overseeing the management of the Fund and/or selection of its </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>investments. Messrs. Jaeckel and O&#146;Connor have been members of the Fund&#146;s portfolio </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>management team since 2006. Mr. Downs has been a member of the Fund&#146;s portfolio since </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2008.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Mr. Jaeckel joined BlackRock in 2006. Prior to joining BlackRock, he was a Managing </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Director (Municipal Tax-Exempt Fund Management) of Merrill Lynch Investment </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Managers, L.P. (&#147;MLIM&#148;) from 2005 to 2006 and a Director of MLIM from 1997 to 2005. </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>He has been a portfolio manager with BlackRock or MLIM since 1991. </FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Mr. O&#146;Connor joined BlackRock in 2006. Prior to joining BlackRock, he was a Managing </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Director (Municipal Tax-Exempt Fund Management) of MLIM from 2003 to 2006 and was </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>a Director of MLIM from 1997 to 2002. He has been a portfolio manager with BlackRock </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>or MLIM since 1991.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Mr. Downs has been a Director of BlackRock since 2004 and a Vice President thereof since </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1999. He has been with BlackRock since 1999.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(a)(2) As of January 31, 2009: </FONT></TD></TR></TABLE></P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=center width="34%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=1>(ii) Number of Other Accounts Managed</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=1>(iii) Number of Other Accounts and</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="33%" background=""></TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=center width="34%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=1>and Assets by Account Type</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=1>Assets for Which Advisory Fee is</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="33%" background=""></TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=right width="34%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=center width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=1>Performance-Based</FONT></B>&nbsp; </TD></TR>
<TR>
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     <TD width="1%">&nbsp;</TD>
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	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other Pooled</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other Pooled</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=19% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(i) Name of</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Registered</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Registered</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Manager</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Vehicles</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Accounts</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Vehicles</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Accounts</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Companies</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Companies</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
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	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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	<TD>&nbsp;
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	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
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<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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	<TD>&nbsp;
	</TD>
	<TD>
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</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Theodore R. Jaeckel, Jr.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">77</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
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<HR noshade size=1>
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	<TD>&nbsp;
	</TD>
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<HR noshade size=1>
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	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;16.44 Billion</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Walter O&#146;Connor</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">77</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;16.44 Billion</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
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	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">F. Howard Downs</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">9</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">31</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;1.47 Billion</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;110.4 Million</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;1.022 Billion</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
</TR>
<TR>
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<HR noshade size=1>
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	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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	<TD>&nbsp;
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	<TD>&nbsp;
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	<TD>
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	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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</TR>
<TR>
	<TD colspan=13>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=47% nowrap colspan=5>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(iv) Potential Material Conflicts of Interest</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE><TR><TD width=14>&nbsp;</TD><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock and its affiliates (collectively, herein &#147;BlackRock&#148;) has built a professional </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">working environment, firm-wide compliance culture and compliance procedures and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">systems designed to protect against potential incentives that may favor one account over </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">another. BlackRock has adopted policies and procedures that address the allocation of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment opportunities, execution of portfolio transactions, personal trading by employees </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and other potential conflicts of interest that are designed to ensure that all client accounts are</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">treated equitably over time. Nevertheless, BlackRock furnishes investment management and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">advisory services to numerous clients in addition to the Fund, and BlackRock may, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consistent with applicable law, make investment recommendations to other clients or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accounts (including accounts which are hedge funds or have performance or higher fees </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">such fees), which may be the same as or different from those made to the Fund. In addition, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock, its affiliates and significant shareholders and any officer, director, stockholder </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or employee may or may not have an interest in the securities whose purchase and sale </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">shareholders, or any officer, director, stockholder, employee or any member of their </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">families may take different actions than those recommended to the Fund by BlackRock with </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">respect to the same securities. Moreover, BlackRock may refrain from rendering any advice</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or services concerning securities of companies of which any of BlackRock&#146;s (or its </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">affiliates&#146; or significant shareholders&#146;) officers, directors or employees are directors or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">officers, or companies as to which BlackRock or any of its affiliates or significant </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">shareholders or the officers, directors and employees of any of them has any substantial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">economic interest or possesses material non-public information. Each portfolio manager </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">also may manage accounts whose investment strategies may at times be opposed to the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">strategy utilized for a fund. In this connection, it should be noted that a portfolio manager </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">may currently manage certain accounts that are subject to performance fees. In addition, a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio manager may assist in managing certain hedge funds and may be entitled to </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">receive a portion of any incentive fees earned on such funds and a portion of such incentive </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">future manage other such accounts or funds and may be entitled to receive incentive fees. </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fairly. When BlackRock purchases or sells securities for more than one account, the trades </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">allocate investments in a fair and equitable manner among client accounts, with no account </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">receiving preferential treatment. To this end, BlackRock has adopted a policy that is </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">intended to ensure that investment opportunities are allocated fairly and equitably among </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">client accounts over time. This policy also seeks to achieve reasonable efficiency in client </FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">transactions and provide BlackRock with sufficient flexibility to allocate investments in a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">manner that is consistent with the particular investment discipline and client base.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(3) As of January 31, 2009: </FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Manager Compensation Overview</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s financial arrangements with its portfolio managers, its competitive </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation and its career path emphasis at all levels reflect the value senior management </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">places on key resources. Compensation may include a variety of components and may vary </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">from year to year based on a number of factors. The principal components of compensation </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">include a base salary, a performance-based discretionary bonus, participation in various </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">benefits programs and one or more of the incentive compensation programs established by </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock such as its Long-Term Retention and Incentive Plan and Restricted Stock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Program.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Base compensation. </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Generally, portfolio managers receive base compensation based on </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">their seniority and/or their position with the firm. Senior portfolio managers who perform </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">additional management functions within the portfolio management group or within </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock may receive additional compensation for serving in these other capacities.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Discretionary Incentive Compensation</FONT></B><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Discretionary incentive compensation is a function of several components: the performance </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of BlackRock, Inc., the performance of the portfolio manager&#146;s group within BlackRock, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investment performance, including risk-adjusted returns, of the firm&#146;s assets under </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">management or supervision by that portfolio manager relative to predetermined </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">benchmarks, and the individual&#146;s seniority, role within the portfolio management team, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">teamwork and contribution to the overall performance of these portfolios and BlackRock.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In most cases, including for the portfolio managers of the Fund, these benchmarks are the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">same as the benchmark or benchmarks against which the performance of the Fund or other </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accounts managed by the portfolio managers are measured. BlackRock&#146;s Chief Investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Officers determine the benchmarks against which the performance of funds and other </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accounts managed by each portfolio manager is compared and the period of time over which</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">performance is evaluated. With respect to the portfolio managers, such benchmarks for the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund include a combination of market-based indices (e.g., Barclays Capital Municipal Bond</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Index), certain customized indices and certain fund industry peer groups. </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s Chief Investment Officers make a subjective determination with respect to the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio managers&#146; compensation based on the performance of the funds and other accounts</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">managed by each portfolio manager relative to the various benchmarks noted above.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Performance is measured on both a pre-tax and after-tax basis over various time periods </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">including 1, 3, 5 and 10-year periods, as applicable.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Distribution of Discretionary Incentive Compensation</FONT></B><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Discretionary incentive compensation is distributed to portfolio managers in a combination </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">years. The BlackRock, Inc. restricted stock units, if properly vested, will be settled in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock, Inc. common stock. Typically, the cash bonus, when combined with base </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">salary, represents more than 60% of total compensation for the portfolio managers. Paying </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a </FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">given year &#147;at risk&#148; based on BlackRock&#146;s ability to sustain and improve its performance </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">over future periods.</FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Long-Term Retention and Incentive Plan (&#147;LTIP&#148;) &#151; </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The LTIP is a long-term
</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">incentive plan that seeks to reward certain key employees. Prior to 2006, the plan provided </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">for the grant of awards that were expressed as an amount of cash that, if properly vested and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">subject to the attainment of certain performance goals, will be settled in cash and/or in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock, Inc. common stock. Beginning in 2006, awards are granted under the LTIP in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the form of BlackRock, Inc. restricted stock units that, if properly vested and subject to the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">attainment of certain performance goals, will be settled in BlackRock, Inc. common stock. </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Messrs. Jaeckel, O&#146;Connor and Downs have each received awards under the LTIP.</FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Deferred Compensation Program &#151; </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">A portion of the compensation paid to eligible </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock employees may be voluntarily deferred into an account that tracks the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">performance of certain of the firm&#146;s investment products. Each participant in the deferred </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation program is permitted to allocate his deferred amounts among the various </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment options. Messrs. Jaeckel, O&#146;Connor and Downs have each participated in the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">deferred compensation program. </FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Options and Restricted Stock Awards &#151; </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">A portion of the annual compensation of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">certain employees is mandatorily deferred into BlackRock restricted stock units. Prior to the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">mandatory deferral into restricted stock units, BlackRock granted stock options to key </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">employees, including certain portfolio managers who may still hold unexercised or unvested </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">options. BlackRock, Inc. also granted restricted stock awards designed to reward certain key </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">employees as an incentive to contribute to the long-term success of BlackRock. These </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">awards vest over a period of years. Mr. Downs has been granted stock options and/or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">restricted stock in prior years.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other compensation benefits. </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In addition to base compensation and discretionary </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">incentive compensation, portfolio managers may be eligible to receive or participate in one </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or more of the following:</FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Incentive Savings Plans &#151;</FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> BlackRock, Inc. has created a variety of incentive </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">savings plans in which BlackRock employees are eligible to participate, including a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">company match equal to 50% of the first 6% of eligible pay contributed to the plan capped </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">at &#36;4,000 per year, and a company retirement contribution equal to 3% of eligible </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation, plus an additional contribution of 2% for any year in which BlackRock has </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">positive net operating income. The RSP offers a range of investment options, including </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registered investment companies managed by the firm. BlackRock contributions follow the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment direction set by participants for their own contributions or, absent employee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment direction, are invested into a balanced portfolio. The ESPP allows for </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment in BlackRock common stock at a 5% discount on the fair market value of the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">stock on the purchase date. Annual participation in the ESPP is limited to the purchase of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,000 shares or a dollar value of &#36;25,000. Each portfolio manager is eligible to participate </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">in these plans.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(4) </FONT><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Beneficial Ownership of Securities. </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">As of January 31, 2009, none of Mr. Jaeckel,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mr. O&#146;Connor or Mr. Downs beneficially owned any stock issued by the Fund. </FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 9 &#150; Purchases of Equity Securities by Closed-End Management Investment Company and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Affiliated Purchasers &#150; Not Applicable</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 10 &#150; Submission of Matters to a Vote of Security Holders &#150; The registrant&#146;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 </FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">qualifications of the proposed nominee to the registrant&#146;s Secretary. There have been no material changes to these procedures.</FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 11 &#150; Controls and Procedures</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">11(a) &#150;</FONT>&nbsp;
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&nbsp;	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The registrant&#146;s principal executive and principal financial officers or persons performing</FONT>&nbsp;
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&nbsp;
	</TD>
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&nbsp;	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">similar functions have concluded that the registrant&#146;s disclosure controls and procedures (as</FONT>&nbsp;
	</TD>
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&nbsp;
	</TD>
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&nbsp;	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the</FONT>&nbsp;
	</TD>
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&nbsp;
	</TD>
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&nbsp;	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this report based on the</FONT>&nbsp;
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&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act</FONT>&nbsp;
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&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.</FONT>&nbsp;
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	<TD colspan=3>
&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">11(b) &#150;</FONT>&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">There were no changes in the registrant&#146;s internal control over financial reporting (as</FONT>&nbsp;
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&nbsp;
	</TD>
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&nbsp;	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter</FONT>&nbsp;
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&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the period covered by this report that have materially affected, or are reasonably likely to</FONT>&nbsp;
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&nbsp;
	</TD>
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&nbsp;	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant&#146;s internal control over financial reporting.</FONT>&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 12 &#150; Exhibits attached hereto</FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12(a)(1) &#150; Code of Ethics &#150; Not Applicable to this semi-annual report 12(a)(2) &#150; Certifications &#150; Attached hereto 12(a)(3) &#150; Not Applicable 12(b) &#150;
Certifications &#150; Attached hereto</FONT></P>

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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;
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<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U>&nbsp;
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&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT>&nbsp;
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&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer of</FONT>&nbsp;
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&nbsp;
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&nbsp;	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT>&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2009</FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant 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></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;
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<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U>&nbsp;
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&nbsp;
	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT>&nbsp;
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&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT>&nbsp;
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&nbsp;
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&nbsp;	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT>&nbsp;
	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2009</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;
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<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U>&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT>&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT>&nbsp;
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&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT>&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2009</FONT></TD></TR></TABLE>
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<TYPE>EX-99.CERT
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<FILENAME>miycerts.htm
<DESCRIPTION>CERTIFICATION
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99. CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock MuniYield Michigan Insured Fund, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Inc., certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-CSR of BlackRock MuniYield Michigan Insured Fund, Inc.;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report; </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the financial statements, and other financial information included in this report fairly </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">in this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></TD></TR></TABLE>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99. CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniYield Michigan </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Insured Fund, Inc., certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-CSR of BlackRock MuniYield Michigan Insured Fund, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Inc.;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">omit to state a material fact necessary to make the statements made, in light of the circumstances under </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which such statements were made, not misleading with respect to the period covered by this report; </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the financial statements, and other financial information included in this </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report fairly present in all material respects the financial condition, results of operations, changes in net </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant as of, and for, the periods presented in this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures to be designed under our supervision, to ensure that material information relating to the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant, including its consolidated subsidiaries, is made known to us by others within those </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">entities, particularly during the period in which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">over financial reporting to be designed under our supervision, to provide reasonable assurance </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">regarding the reliability of financial reporting and the preparation of financial statements for </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">external purposes in accordance with generally accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">presented in this report our conclusions about the effectiveness of the disclosure controls and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures, as of a date within 90 days prior to the filing date of this report, based on such </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting that occurred during the second fiscal quarter of the period covered by this report that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">has materially affected, or is reasonably likely to materially affect, the registrant's internal control </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">control over financial reporting which are reasonably likely to adversely affect the registrant's</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ability to record, process, summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">have a significant role in the registrant's internal control over financial reporting.</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></TD></TR></TABLE>
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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>miysection906.htm
<DESCRIPTION>CERTIFICATION
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit 99.1350CERT</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Certification Pursuant to Rule 30a-2(b) under the 1940 Act and </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Section 906 of the Sarbanes Oxley Act</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock MuniYield Michigan Insured Fund, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Inc. (the &#147;registrant&#148;), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">CSR for the period ended January 31, 2009, (the &#147;Report&#148;) fully complies with the requirements of Section </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fairly presents, in all material respects, the financial condition and results of operations of the registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock MuniYield Michigan Insured Fund, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Inc. (the &#147;registrant&#148;), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">CSR for the period ended January 31, 2009, (the &#147;Report&#148;) fully complies with the requirements of Section </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fairly presents, in all material respects, the financial condition and results of operations of the registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange Commission</FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">.</FONT></B></TD></TR></TABLE>
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